Bitcoin Price Key Highlights Bitcoin price has been trading inside an ascending channel since the start of the month. Price made a strong bounce off the channel support on Friday on heightened risk aversion, triggering a climb to the top. If the channel resistance holds, another test of support could be in the cards. Bitcoin price appears to be encountering resistance at the top of the ascending channel visible on the 1-hour time frame. Technical Indicators Signals The 100 SMA is still above the longer-term 200 SMA, confirming that the path of least resistance is to the upside and that the uptrend could carry on. If you’re bullish on bitcoin price, better wait for an actual test of support at $665 near the 100 SMA if you’re planning on catching the…
The markets are about to draw to a close in Europe, and it’s time to take our second look of the day at the bitcoin price. Things have been pretty up and down over the last twenty four hours or so, and we’ve been going at the markets with a pure scalp breakout focus. Intrarange hasn’t really been an option based on the narrow predefined ranges we’ve been working with. Action today hasn’t disappointed, and we’ve managed to get in to a long entry based on a break and a close above our predefined resistance a little earlier on this afternoon. Immediately post entry, price broke back within range and it looked for a minute like we might get taken out of the trade for a loss on a stop hit. Luckily, however, price reversed once again to the…
We are heading in to the close of the week, and it’s time to take a penultimate look at the bitcoin price. Things have been pretty volatile for the last few days, and we’ve had the opportunity to get in and out of the markets on a number of occasions. We got another opportunity overnight, as price broke through the level we had slated as in term resistance and quickly ran up through to our target. We entered on the close above resistance, as per the rules of our intraday breakout strategy, and managed to get out for a nice gain on the take profit. Having reached overnight highs of around 665 (a level we are going to come back to shortly) price corrected a little and, since then, has traded pretty much sideways into the start of the European session…
So that’s it – another week done. We started the week with a pretty boring bout of action – price traded relatively flat for the first forty-eight hours or so, and it looks as though (on the intraday charts, at least) we were going to get a repeat of the action seen last week. Flat, and essentially untradeable. How wrong we were. Looking back, it now looks as if price was simple consolidating on the back of the halving (that, and speculation regarding impact kept people out of the markets), and now that that articular event has passed, this consolidation is unwinding. It’s given us plenty to go at during the latter half of the week, and we’ve managed to draw a few decent profits from our intraday breakout scalps without having to take any real stop…
Bitcoin Price Key Highlights Bitcoin price has been edging lower recently but the overall uptrend on the short-term chart seems intact. Price is still inside its ascending channel and is currently testing the support. A bounce could confirm that bulls are still in control of bitcoin price action while a breakdown would suggest that a downtrend is in order. Bitcoin price is testing the ascending channel on the 1-hour time frame, still deciding whether to go for a continuation or a reversal. Technical Indicators Signals The 100 SMA is above the 200 SMA, which means that the the path of least resistance is to the upside. In addition, the 100 SMA lines up with the channel support, adding to its strength as a floor. A larger drop could still find support at the 200…