Bitcoin Price Choppy: Stop Loss Hit
First off, lets say that today's session did not go to plan. In this morning's article, we highlighted what we were looking at as far as key levels was concerned, and suggested how would get into the markets according to these levels. We put in term support at 281.55, and in term resistance at 285.86. At time of publication, both these levels represented the daily low and daily highs respectively. We were trading around mid range when we said that we would look for a break above or below is a level to put us long or short respectively, and we did get a break to the downside, but it did not....
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Here's a look at what we are focusing on in the bitcoin price this evening. The European session has now drawn to a close, and it’s time to take a look at the action we saw in the bitcoin price throughout the day, and see if we can use that action to put together a strategy for this evening out of the US, and beyond, into Asia. Once again, it’s been a pretty tough day. Last night we noted that we got taken out on choppy action by a stop loss hit on a short position. It wasn’t a crippling loss (that’s why our stops are in place, after all) but it was a bit frustrating as we are now net down....
Coinbase was recently in news for introducing Stop Loss feature on its exchange platform. Read further to know more about Stop Loss. Coinbase recently announced the integration of ‘Stop Order’ function which allows its users to trade bitcoin in a convenient fashion without having to deal with drastic price fluctuations. What Is a Stop Order and Why Is It Important? To begin with, a stop order is a feature that allows users to buy or sell any asset on a trading platform when the target asset’s value reaches a particular price point of choice. Stop orders are also known as stop-loss orders.....
Here's a look at what we are focusing on in the bitcoin price this morning. Tuesday’s here, and as things turned out, we had a pretty interesting night’s worth of trading in the bitcoin price last night. Not because price moved considerably, or anything like that, but because we got some choppy action that fell in line with our breakout levels. Normally, choppy action is a real pain. It gets us into trades and then ends up taking them out again almost right away. That’s what stop losses are for, and it’s a pain but something we just have to accept. However, last night’s choppy action fell....
Here's a look at what we are focusing on in the bitcoin price this evening . It’s been a rough day to be an intraday bitcoin price trader. In this morning’s analysis, we highlighted a pretty tight range and set out some entry rules with which we would get into the markets on any volatility. We suggested that the recent action seen in the bitcoin price was conducive to a break, and that this break could come at any time during the European session, but likely later as the US session opens up for the day. Well, we did get a break, and a bit of volatility, later on in the session.....
Litecoin bulls have made a great attempt in narrowing the recent losses as the price advanced roughly 1.5% to be trading at $1.797. I had mentioned in my previous analysis, Support Breached, Look to Exit! that market participants should build short positions on rise up to $1.785 by maintaining a stop-loss just above $1.795. Since the stop-loss has been triggered, it only makes sense to adopt a wait and watch strategy until convincing directional signals emerge. The 240-minute LTC-USD price chart indicates that the market may test the patience of the traders for a little longer before it....