Bitcoin Price Watch; Profits Abound!
Every day we try and use the action seen in the bitcoin price during the last twenty-four hours or so to formulate a strategy we can use to draw a profit from the markets during the subsequent twenty-four hours. Yesterday afternoon, shortly before the markets closed in Europe, we noted that action in the bitcoin price had been particularly sporadic, and that heading into the Asian session we were going to keep things tight, especially from an upside perspective. Our bullish trades have been pretty unsuccessful as late – not in the sense that we haven’t seen any upside action, but more as a....
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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....
At 07h00 UTC Mt. Gox BTCUSD price skirted below $100 once more, continuing the relentless decline since the break of $250 on Thursday. Volatility is increasing as traders take advantage of low weekend liquidity to chase price for profits. Questions about where this crash is going to find a bottom abound, since a rout in Mt. Gox's exchange price negatively affects other exchange prices. At the time of writing, there are no reports of specific events that may be leading this decline and the only reasonable conclusion is that negative expectations for next week may be the cause. Update 12h58....
Here's a look at what we are focusing on in the bitcoin price this morning. Okay then, the end of the week is here, and it’s time to put forward the penultimate of our twice-daily bitcoin price watch analyses for the week. Things have been pretty on and off this week. We have had periods of strong volatility, during which we have been able to get in and out of the markets according to our strategy rules for a few decent profits, but we have also had some relatively flat periods, whereby price has traded sideways and not really given us much to go at from a trading perspective. Let’s hope....
Here's a look at what we are focusing on in the bitcoin price this evening. Our start to the week was a great one, and our end to last week was even better, but now it looks as though things might be starting to slow down a touch. Action during today’s European session has been pretty flat, and we’ve not managed to get in and out of the markets as we might have liked. This doesn’t mean that we won’t be able to get in this evening, of course. Things are often quiet during the European session before popping in to action overnight and – as the US session and (with a short gap) the Asian....
In yesterday's bitcoin price watch piece, we suggested that - as a result of the action we had seen during today's session, we would be looking to enter on any volatility during the Asian session to try and take advantage of any movement. Fundamentally, things are all over the place at the moment. Global economies were relying on US monetary policy to maintain some level of order, but with Janet Yellen holding interest rates at zero the US central bank has essentially lost control of its hold over inflation. This said, however, our intra-range strategy helps us to draw profit regardless of....