Bitcoin Price Consolidates: Winding Up For More Gains?
Earlier today, in the first of our twice-daily Bitcoin price watch pieces, we documented the breakout above $400 we saw last night. Traditionally, strong psychological levels (such $100, $200, $500, $1,000 etc.) will initiate the kind of volatility we saw on the break, and when they are broken to the upside, will often retest as support. Conversely, but similarly, when a key level breaks to the downside, it will often retest as resistance. In this instance, however, we've not seen this retest. Price has stayed buoyant despite the inevitable run of profit taking, and this suggests there is....
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Here's a look at what we are focusing on in the bitcoin price this evening. So that’s Monday done, at least out of Europe, and it’s time to set up against the US afternoon and – beyond that – in to the Asian session later tonight. In this morning’s analysis, we noted that it looked as though price was winding up for a medium term increase, and that we might be able to take advantage of this winding up if we saw a breakout. As things turned out, we got exactly that. Price broke to the upside early afternoon and (while admittedly choppy) ran up to our take profit with no real issue. It’s a....
We've got much of the same action in the bitcoin price today, and we could be winding up for a big move a little later on this afternoon. Here's what we're looking at. Yesterday we went into quite a bit of depth concerning our interpretation of the action in the bitcoin price so far this week. We noted that the action represented a consolidation of bullish and bearish sentiment, and that this consolidation could act as a sort of winding up before a big move. Action has now matured throughout last night’s Asian session, and we are mid way through today’s European session, and things haven’t....
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