It’s the start of the European morning session, and finally, the bitcoin price has given us some action worth trading. The last few days have been relatively flat, with price either trading sideways or breaking out but returning to trade within range pretty much instantly – essentially, just chop out action. Overnight in Europe, however, things got a little more volatile. The bitcoin price broke through the level we had slated as in term resistance at last night’s session end analysis, and continued to gain to take out our target and to carve out fresh highs on the intraday chart of 425.48 – a level that will come into play as today’s session progresses. With any luck, we’ll see some further upside, but from a short term perspective, any volatility will do – be…
It’s been a pretty slow day in the bitcoin price space, and this has weighed on our ability to get into the markets. We had a pretty volatile end to last week, and some decent action over the weekend allowed us to draw some profit from a few positions, but the current action looks to be representative of the start of the week slumps we’ve seen across the last couple of months – range bound, no real breakouts, and when we do see a breakout, it doesn’t result in any sort of sustained momentum we can take advantage of. With this said, however, our framework is designed to be ready when we do get a return to volatility, and we can also bring our intrarange strategy in to play in an attempt to get in and out on some real short term range bound scalps. So, here goes….
Let’s start off today’s first bitcoin price watch analysis with a chart. The chart below is a fifteen-minute candlestick chart that shows the last forty eight hours of price action, and has the framework we outlined in yesterday evening’s analysis still overlaid. As you can see, price just recently broke through the level we had slated as in term resistance, which put us in a long trade towards an upside target of 425. Unfortunately, however, while we did see something of a sustained run to the upside, price only reached 422 before reversing, and spiking back down into our rage to take us out of the trade on a stop loss hit for a small loss on the position. The broken resistance is now offering up some degree of support, however, so we will be keeping an eye on…
Just as we dud this morning, let’s kick off this evening’s analysis with a chart. The fifteen-minute candlestick chart in the image below highlights the action seen in the bitcoin price across this morning, and early afternoon’s, session, and retains our predefined range on the overlay. As the chart illustrates, price broke through our predefined resistance level shortly after lunch in Europe, and after an initial spike, has managed to maintain its level above broken resistance. Our target is 426, so we’ll be holding the trade until it either hits this target or returns to trade back within range and takes out our stop loss at 420 flat (this morning’s in term support). So, this out of the way, let’s look at what we’re watching going forward. We’re not going to be…
Things have been a little quiet in the bitcoin price this week, and we’ve not had too many opportunities to enter on our breakout strategy. However, overnight on Wednesday, we did get a little bit of movement, and this movement allowed us to shuffle our parameters around a bit. We narrowed our time frame last night to the five-minute chart, and combined with the movement seen in the markets, this enabled us to get in short on a downside break. We remain in this trade as things stand, but it’s a narrow frame trade, meaning we can get in to a secondary wider time frame trade on any volatility this evening without breaking our strategy rules. With this in mind, here’s a look at the levels we are focusing on this evening, and a description of how we intend to get in…