Bitcoin Price Breakout; Further Gains to Come?


In this morning’s bitcoin price watch piece, we outlined the strategy would would be using heading in to today’s European session. Action has now matured throughout the day, so its time to revise our positions to head into the Asian session with correct key levels. So, with this said, here are the levels we are going to be watching as we approach the European session close and the Asian open, alongside how we will be looking to get in and out of the markets in the event that we see a break out on any volatility. First up, take a quick look at the chart to get an idea of what we are watching.

Screen Shot 2015-10-12 at 16.55.58

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As the chart outlines, the levels we are looking at today are similar to those we outlined this morning, albeit shifted to the downside. We got a bit unlucky on today’s volatility, more as a reulst of target placement than anything else. We entered short on a break of support, and got about two thirds of the way towards our target. However, we quickly reversed and returned to trade at current levels, just shy of our downside breakout entry point. As a result, this level now serves as in term resistance heading into tonight’s session – 246.69. In term support lies at today’s low (and intraday reversal point) at 245 flat.

As usual, we will look for a break of either of these two levels, and a close above or below accordingly, to put us into a position. If we break in term support at 245 flat, it will put us in a short entry towards 240 flat to the downside. Looking the other way, and assuming we can get a continuation of the bullish momentum we saw over the weekend, we will look to get in a long position towards a medium term target of 248.5 – Sunday’s highs.

Charts courtesy of Trading View

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