Bitcoin Price Breaks, Range Then Holds: What's Next?
This morning we published our twice-daily bitcoin price watch analysis piece. In the piece, we speculated that - while we had seen some volatility overnight in the bitcoin price - we may get the breaking of a range during today's action, and if so, we suggested a couple of the levels we would be keeping an eye out for as far as potential medium-term intraday targets were concerned. Action has now matured throughout Friday's session, and we are heading into the weekend. What are the levels we will be looking for this evening, and how might we draw profit from the market before the start of....
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In yesterday's bitcoin price watch piece, we outlined our intraday strategy according to an altered approach. We suggested that - as a result of the relatively consistent fluctuations in the bitcoin price over the last few days, we would widen out our range a little and trade long from support and short from resistance, in an attempt to draw profit from intra range volatility. The strategy paid off and, as a result as we head into today's European session, we will incorporate the possibility for a range trade into today's plan of attack. So, with this said, here are the levels we are....
Bitcoin price continued on Sunday as it had done on Saturday: quiet trade in a $4 range. Today’s price action seems to be coiling up for a larger move. Another quiet day in the bitcoin price chart with price hugging the 200-hour moving average. Volume remains low but the additional onset of low volatility within a narrow price range gives the impression that a larger move is building pressure in the chart. Longer term constraints remain $449 (Bitstamp) and the horizontal resistance zone up to $470. The price action since Thursday 12th April resembles a base pattern and a Fib extension tool....