Bitcoin Price Watch; Downside Takes Charge
Here's what we are looking to trade in today's bitcoin price market. Breakout strategy, targets and risk annotated. Well, we’ve finally gotten some volatility in the bitcoin price. Not exactly the type we’d hoped for from a long term perspective, but it’s given us an excuse to get in to a couple of positions overnight and that’s done enough to abate the patience issues we discussed in yesterday morning bitcoin price watch analysis. How things will play out today remains to be seen, but with the bitcoin price having wound up in a consolidatory phase for nearly a full week (if we include the....
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For the second of today’s bitcoin price watch analyses, we are going to kick things off with a chart. The chart below shows the action price put forward this morning, with our earlier framework overlaid. To start off then, take a quick look at the chart. As the chart shows, action went against our initial upside bias, and broke through the level we had slated as support to the downside shortly before lunchtime in the UK. After this break, a sustained downside run carried price to our downside target, pretty much directly after the break in question. While we obviously prefer upside trades....
In this morning's bitcoin price watch piece we highlighted the levels that we were keeping an eye on throughout today's European session. Action has now matured throughout the day and - at a time when global markets are breaking to the downside - there has been plenty of volatility in the bitcoin price. As we head into a fresh Asian session, what are the levels we are watching tonight, and where will we be looking to get in and out of the markets according to our intraday strategy if we get a repeat of European volatility? Take a quick look at the chart. As the chart shows, action today....
Action has been a bit choppy in the bitcoin price over the last few days, but it hasn't stopped us drawing a profit from the market. Here's what we are looking at in today's European markets and beyond. Yesterday afternoon, our bitcoin price watch article highlighted a bunch of key levels, and in the article, we were able to define a classical pattern that suggested – from a technical perspective, at least – we were set for a continuation of the downside break we saw a little earlier in the day. A look at the action that succeeded our analysis shows a mixed response to our predictions. We....
Bitcoin price looks ready to break out of its symmetrical triangle consolidation pattern, which could determine its longer-term direction. Bitcoin Price Key Highlights. Bitcoin price has been stuck in consolidation for a while, forming lower highs and higher lows inside a symmetrical triangle pattern. Price is currently testing support and is approaching the peak of the pattern, which suggests that a breakout could take place soon. Technical indicators seem to be favoring a downside move at this point. Technical Indicators Signals. The 100 SMA is still below the 200 SMA so the path of....
Here's what we are focusing on for this evening's session in the bitcoin price. In this morning’s bitcoin price watch article, the framework we placed over the market involved two primary elements. The first, an upward sloping triangle. This offered us an opportunity to enter short, if price broke through it. The second was a more traditional range, with our entry points defined as a break and close above or below resistance and support respectively. Action has now matured across the bitcoin price session, and we’ve had plenty of volatility to discuss in this evening’s analysis. So, here....