Bitcoin Price Watch; Profit Taken on the Short
Let’s kick things off with a chart. The chart below highlights the action seen in the bitcoin price throughout today’s session, and has the framework we placed onto action earlier this morning overlaid. It’s a fifteen-minute candlestick. So, as the chart shows, having declined considerably overnight, the bitcoin price found support at a little ahead of 438, before correcting to the upside to trade in a pretty tight 440-444 range. This range has dominated action today, and gives us something to go at this evening, and beyond, into the Asian session tonight. Also of note is the completion of....
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Here's what last night's action in the bitcoin price told us about what we should be looking at for today's session. Once again our breakout strategy has helped us draw a profit from the markets on Tuesday, via a continuation of the overarching bearish momentum that we saw initiated through the sharp Monday decline. We noted in yesterday’s analysis that action had tightened up a little, and that this might mean we had hit the bottom of the downturn and could be set for a reversal. Just in case we were wrong, however, we set up a downside scalp framework, with the goal of entering short for....
Here's a look at what we are focusing on in the bitcoin price this evening. In this morning’s bitcoin price watch piece, we discussed the fact that action to date this week has been relatively flat, and that we were hoping to get a breakout that we could get in and out on a quick short term scalp entry and draw a profit from the market on the volatility. Action has not been bad today, and we’ve had a relatively decent European session. We didn’t manage to get multiple positions entered, but we did get a nice quick trade to the upside, and managed to draw a profit in the process. Price....
A little earlier on this morning, we published our twice daily bitcoin price watch piece. In the piece we outlined the levels we were looking to watch in the bitcoin market throughout Friday's session, and stated that - if we got the volatility we were looking for - we would look to enter according to our breakout strategy in an attempt to draw a short term scalp profit on the action. Action has now matured throughout the day, and we are heading into the close of the European session and the beginning of the weekend. In the majority of other financial assets, markets would be pitching to....
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....
Here's a look at what we are focusing on in the bitcoin price this evening. In this morning’s bitcoin price watch analysis, our primary intent was to get across the importance of keeping things tight during the European session. Price has struggled to make any sort of sustained moves over the last few days, and while we have seen the odd spike, there has been no real trend momentum. The only way we are able to draw a profit from these sorts of market conditions is through a tight scalp strategy – that is, jumping in and out of the markets on the spikes and taking advantage of the action as....