It’s the start of a fresh week, and the weekend just gone has been a bit of an anomaly when compared to the last couple of months’ worth of action. Often, we will see a large, distinct, and usually sustained, price move. Across the weekends just gone, however, price has remained relatively flat. What this means for the week going forward – as yet that she was unclear, but chances are we will see a bit of movement as volume returns to the market. So, and as we head into a fresh with straight, what levels that we’re focusing on in the bitcoin price, and where will we look to get in and out the markets as price matures? As ever, take a quick look at the chart below to get an idea of the range in question. It is a 15-minute candlestick chart representing the last 24…
Sometimes, oftentimes even, trading financial instruments can be very boring. There’s an old saying that goes something like this: more money is made by knowing when to stay out of the markets than when to get in, and throughout all my trading history, I’ve come to believe this statement is key to a profitable trading career. Overtrading is a sure fire way to quickly lose money in the financial markets, especially on the intraday charts – we’ve got to let the markets tell us when to enter, and only enter when certain factors come together to form a signal, with these factors defined as a strategy. It sounds simple on paper, but in practice it really isn’t. Staring at intraday charts when they are going nowhere can become tedious very quickly, and it’s often…
Action in the bitcoin price overnight was pretty volatile. Having ranged for the previous twenty-four hours between tight key levels, price broke to the downside and – with a sustained decline, reached overnight lows just ahead of 365 flat. Having reached this level, however, and as the Asian session kicked off it’s Thursday trading, price reversed and made back the entirety of its losses to trade at current levels – circa 373 flat. Our breakout strategy took full advantage of the movement, and we stuck in short to pull a nice profit from the market – a relief after the banality of action a day or so earlier. When we get range action, especially if its across an expanded period (say more than 24 hours) we generally interpret it as representative of underlying…
Just as we did last night, let’s start today’s session off with a chart. The image below shows the action overnight on Thursday, with an overlay of the framework we highlighted as being our trading strategy heading into the Asian session and the US evening. As the chart shows, when we published our strategy, we were trading mid range between a pretty tight, two-dollar range. As evening hit, the bitcoin price broke through in term support, and we entered short towards a downside target of 412 flat. We got a good run down initially, but price reversed just shy of our target and returned to trade within our range, and took out our stop on a spike up, before eventually returning to trade below support and take out what would have been our target on a spike down. So,…
Sometimes, when we publish or analysis, things go wrong. More often than not, things go in our favor, and we are able to draw a profit form the markets buy setting up against either side of action and crossing our fingers. Every so often, things go exactly to plan. Yesterday afternoon, we got the latter. It came at a welcome time, as well. We’ve had a pretty tough week in the bitcoin price this week, with action initially remaining relatively stagnant and then going on to chop us out of a few short trades. As we always say, however, best to stick to the strategy and its rules – otherwise maintaining a strategy would be of little use. So yesterday afternoon, having traded sideways for a few hours, post-decline/recovery that we discussed in yesterday’s analysis,…