Bitcoin Price Watch: Breakout On!
It is becoming increasingly difficult to draw a profit from the market. What has been a faithful strategy for the past six months or so, our traditional breakout strategy, is failing to offer many valid entry signals on the back of the consolidatory action we have seen in the bitcoin price over the last week. We have ranged tightly mid range, not even touching our key levels. Not only has this left us unable to implement a breakout position, but it has also made it difficult to effectively bring our intrarange strategy into play - as this requires us to correct from a key level to enter,....
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Here's what we're focusing on for the Thursday afternoon session out of Europe in the bitcoin price. In this morning’s bitcoin price watch article, we highlighted the range we were focusing on for the early European session. It was a pretty tight range, so we said we’d be looking at trading breakout only, as opposed to breakout and intrarange. This is because its difficult apply effective risk management parameters on intrarange trades when support and resistance are so narrow. As it turned out, we might have been better off giving it ago. Shortly before the European afternoon kicked off,....
Here is our slightly altered (but hopefully just as effective) bitcoin price watch intraday strategy for Friday's European session. Those who have followed along with our bitcoin price watch pieces over the last few weeks will have noticed a common thread running through our strategy. We’ve been defining relatively tight ranges and skipping in and out of the markets with these ranges on breakout scalp trades. It’s been somewhat effective but there have been some pretty frustrating periods through which we’ve had to sit and stay net flat in the markets. Well, to mix things up a little....
Here's what to keep an eye on in the bitcoin price this evening. Stops, entries and key levels. In this morning’s bitcoin price watch piece, we noted that we had seen the 400 flat level breached for the first time in a few weeks, and that as a result, our overarching bias took a bullish turn. We set up our breakout and intrarange strategies to gain from any intraday volatility during the European morning and early afternoon sessions, and defined our risk. Action has now matured, and we got a break of support to the downside shortly after our analysis was published. Unfortunately, the....
Here's what we are looking at for today's morning session - a return to breakout from yesterday evening's scalps. Yesterday afternoon, in the second of our twice daily bitcoin price watch pieces, we mixed things up a little bit. At time of writing we remained well within the range we had pre-slated as the one to watch for the morning session, and this gave us two choices. One, remain with that framework only (which, of course, wouldn’t have made for a particularly interesting evening’s worth of trading, or a particularly interesting analysis, for that matter); or bring a scalp strategy to....
As we have seen so many times over the past few weeks, and as we mentioned in yesterday's bitcoin price watch piece, the breakout action we have seen as late has often come during the Asian session (overnight Europe). We closed out yesterday's session with a couple of key parameters that we were looking to watch overnight, and low and behold, the bitcoin price broke through the upside of these parameters shortly after 5 AM GMT, and having done so, proceeded to carve out fresh weekly highs. With this said, what are the levels that we are keeping an eye on in the bitcoin price today, have....