Analysis: Asian Trading Session Pulls the Bitcoin Price Up
The Asian trading session has pulled price up from last night's lows near $470. There are still few clues as to where price is heading, but at least one more low is expected as the analysis below explains. Descending Channel. As identified in yesterday's analysis a descending channel has contained price action for 11 days running. Price has respected the lower channel trendline since first hitting it during trade on Sunday 31 August. This trendline is currently overlapping with the 0.618 Fibonacci retracement level of the entire advance from April to June, and that implies strong support....
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Bitcoin Price continues moving in a narrow range in indecisive trade. Today's analysis is presented during early Asian session market activity and will be updated during the US session in case of any notable chart activity. Time of analysis: 03h00 UTC. Bitcoin Price Analysis. Readers, I have an all-day commitment and present this analysis during the Asian morning. I will be back at my desk during the US session and will update the analysis then if necessary. A quick look at the depth charts of BTC-China (left), Bitfinex (center) and BTC-e (right) reveals the low order volumes in the active....
So earlier this morning we published our twice daily bitcoin price watch piece. In the article we noted that - as a result of all the volatility we have seen over the last few weeks - we would look to implement our breakout strategy on any break of our predefined key levels. Action has now matured throughout the day, and as we head into tonight and the Asian session, what are the levels we are watching in the bitcoin price now, and how did our strategy fare today? Take a quick look at the chart below. As the chart shows, action from today's session has been pretty flat compared to that of....
Here's a look at what we are focusing on in the bitcoin price this morning. It is now Tuesday morning, and once again, we have had an excellent night’s worth of trading in the bitcoin price. Things initially looked a little flat as we headed into the late US session; but after a bit of Asian volume mixed into the equation, price broke out to the upside, and we saw that the bitcoin price hit its highest level in months, trading just shy of 740 and correcting only a few dollars post-highs. This bodes well for today’s session, and we are looking forward to getting in and out of the markets,....
Fundamental opinion seems to be driving the bitcoin price at the moment. We have seen sharp declines in a matter of hours spike the bitcoin price down to fresh weekly lows, and pretty much instant corrections drawback on some of these spikes to cement positions. However, as mentioned this morning, the European session seems to be relatively quiet as far as big moves are concerned. It is almost as if the Asian markets are driving the volatility, while markets are looking at Europe as a consolidatory session. However, this does not mean that we can't set up against these driving movements in....
Earlier this morning we published our twice-daily bitcoin price watch analysis piece. In these pieces, we often highlight the levels that we are keeping an eye on in the bitcoin price, and - as we move through the European session - these levels don't often change too much. However, during today's session, we have seen quite a lot of volatility with some considerable movement to the downside. With this in mind, the levels that we were watching this morning are no longer particularly relevant, and we are watching a complete fresh set of levels this evening, as we head into the Asian session....