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....
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