Its coming to the end of yet another day’s trading in the bitcoin price, and as the European session draws to a close, let’s take a look at what we saw in today’s action, and how we can interpret this action into something tangible for tonight’s bitcoin price trading strategy. First up, take a quick look at the chart below to get an idea of what happened today. As this first chart shows, action has been relatively muted, but we have managed to get into an upside position on a break of resistance a little earlier and we remain in that trade as things stand. For this reason, we wont be entering any fresh trades this evening – that is, at least, until the current trade closes out, be it for a loss of a profit. With that out of the way, take a look at the second…
In this morning’s bitcoin price watch piece focusing on today’s session, we noted that as a result of action overnight, we would be tightening our range, and approaching the market with a pure breakout strategy (rather than a combination of our breakout and our intra-range approaches). Action has now matured across the European morning session, and we are about to head into the US afternoon and beyond that – into the Asian session tonight. With this in mind, and as we move forward into the aforementioned periods, what levels are we focusing on in the bitcoin price, and we do we hope to get in and out of the markets according to our strategy if the volatility offers up this option? As ever, take a look at the chart below. It shows action across the…
First up, take a look at the chart below. It shows the action seen overnight in the bitcoin price, in line with the framework we overlaid as part of yesterday evening’s analysis. As the chart shows, action last night broke through our in term resistance level shortly after we published the second of our two analyses, and having done so, quickly ran up to reach the level we had slated as an initial upside target at 450 flat. Having broken through our target, price reversed at peak highs of circa 452, and dipped to once again test our broken resistance, but this time as support. It held pretty firm, and this morning’s action has primarily comprised a bounce from this resistance come support, to bring the bitcoin price to trade where it does, around 447. So, with…
Earlier on this morning, we published the first about twice daily bitcoin price watch pieces. In the article, we noted that the overnight highs that fell just short of 452 flat would likely serve as some pretty solid medium-term resistance, and that’s during today’s session, we might see a period of prolonged consolidation. As things turned out, this is exactly what we saw. Price corrected into lunchtime in Europe, and – having bounced from the level that we cited as in term support – pretty much just traded sideways the rest the afternoon. Now, as we head into the afternoon in the US, and beyond that, into the Asian session at the beginning of the weekend, what are we looking at in the big on price, and where are we looking to trade in order to attempt to draw…
This afternoon’s analysis is going to be pretty straightforward. If you were with us a little earlier on this morning, and caught the first of our twice daily bitcoin price watch pieces, you’ll have seen our interpretation of last night’s action. Basically, and to quickly recap, we noted that the bitcoin price had reached its highest level in a while overnight, and as we edge up upon the 450 flat mark, we may see some consolidation, both as speculators take profits and as the psychologically significant levels weighs on bullish sentiment. Action has now matured throughout the morning session, and our expectations have played out pretty much as forecast. Price has remained well within the range we slated as the one to watch this morning, and while we’ve had the…