Bitcoin Has Hit a Price Target
As regular readers of this column will realize, we have been discussing the $1020-1030 area for several weeks as a likely place to see a possible trading opportunity on the short side. Well, we are now there. Bitcoin price hit the top of the 5th square on a shorter-term setup on the daily chart. There are many reasons to justify going short here, but I tell you honestly, I just can’t bring myself to do it yet. For reasons visible on a 2-hour chart (not shown) I will consider shorting when/if we get a close below $1000. In the meantime, I closed my long position already. If we get a....
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Here's a look at what we are focusing on in the bitcoin price this morning. It seems price is teasing us a little at he moment. Just as we get up to the region around which we can start targeting the 800 flat mark as an initial upside target and – beyond that – use it as resistance, the bitcoin price breaks to the downside and we get a correction to spoil the party. Overnight action did just that. Those who read last night’s coverage will know we were looking at one final upside run ahead of an 800 target, and that price looked like it might well make that run before we got back to the....
Bitcoin briefly topped $250 for the first time since August 19, 2015, hitting a fresh monthly high of $250.09. We concluded the previous Bitcoin price technical analysis Retreats From Monthly Highs on a positive note saying that market participants should not be concerned about the drop and instead go long in Bitcoin near $242 for a target of $250. As can be seen, Bitcoin hit an intraday low of $242.82 before meeting the said target. Bitcoin is currently trading at $248.81, up 1.92 percent. And yes, we stand by our long call! bitcoin price chart. Below are the latest technical....
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Here's a look at what we are focusing on in the bitcoin price this evening. So the day has now come to an end, at it’s time to take a second look at the bitcoin price market ahead of tonight’s Asian session. Thing shave been pretty volatile today, as we expected they might be, and we’ve got plenty to discuss before we get to the end, so here goes. First, a look at the day’s action. When we outlined this morning’s strategy, we noted that action had primarily trended to the downside over the last forty-eight hours, and that this suggested we might be able to get in on a downside bias. As....