For the past few days we’ve been championing the suggestion that the (then upcoming) interest rate decision out of the federal reserve could inject some volatility into the bitcoin price. Why? Because the response to any movement or lack thereof in the rate hike had the potential to shift investor sentiment from risk on assets such as equities to risk off assets such as gold and – hopefully – bitcoin. Janet Yellen reported the Federal Reserve’s decision during yesterday’s US session, and it came out unchanged. The US base rate will remain at zero until at least the end of next month, but far more likely until 2016. In response, the bitcoin price did exactly what we wanted. We broke through in term resistance and carved out fresh highs not seen…
As we discussed in a little bit more detail in this morning’s bitcoin price watch piece, action over the next few days is likely to be considerably more volatile than it has been of late. This doesn’ just apply to the bitcoin price however, but across the majority of the financial asset markets. Why? Because the Federal Reserve is set to ive guidance on its interest rate targets tomorrow afternoon, and the guidance has implications for the majority of global economies. What we are hoping is that a shift to risk off sentiment might inject some upside volatility in to bitcoin, and help it gain some strength throughout the US session. Of course, this is far from guaranteed, and as such, we need to make sure we set up on either side of any potential action. So, with…
Staying on top of the bitcoin price over the last couple of weeks has been a tough task. While there have been some defined movements, they have primarily come during the Asian session, and often been short and pronounced. During the European session, conversely, we have seen pretty flat action – with the bitcoin price primarily ranging between tight parameters. With this said, we have still managed to get in and out of a number of trades, and so long as we continue to employ our intraday strategies will no doubt draw profit from the market. So, as we head into a fresh day’s European trading, what are the levels that we are keeping an eye on in the bitcoin price, and where will we look to get in and out of the market today? Take a quick look at the chart….
In this morning’s bitcoin price watch piece, we pointed out that wouldbe watching two key parameters as our signal points during today’s European session. We suggested that – on a break of these levels – we could get in and out of the market according to our intraday breakout strategy, and draw profit from any volatility. Action has now matured throughout the day, and we did manage to get into a trade, but we were quickly taken out by a turnaround in the bitcoin price this afternoon. So, with this said, what are we looking at this evening, and where will we look to get in and out of the markets according to our strategy during the Asian session? Take a quick look at the chart. The chart illustrates the trade, with us breaking below in term support at…
With all the positive action we saw in the bitcoin price at the beginning of this week, we expected that we might see further strength as the week drew on. Having reached highs around 245 flat yesterday, these hopes renewed. However, as it turns out, action during last night’s Asian session and yesterday’s European session has discounted the majority of these gains, and we now return to trade pretty much where we were beginning of the week. With this said, our strategy, accommodates both bullish and bearish moves, and so long as we get volatility, we can attempt to draw profit from the markets. So, as we head into a fresh European session on Thursday today, what are the levels that we are keeping an eye on, and where will we look to get in and out of…
Earlier this morning we published a bitcoin price watch article that outlined the approach we would be taking throughout today’s European session. Action has now matured throughout the day and, as we head into the Asian session this evening, how did our strategy play out, did we manage to get in and out of the markets, and where will we be looking to implement our entries heading into the weekend? Take a quick look at the chart below. As you can see, today’s action has been pretty much range bound, between the parameters we highlighted this morning as being the ones to keep an eye on. These are in term support at 237.10 and in term resistance at 241.63. As such, and as a result of neither of these levels breaking during today’s session, they…