In yesterday’s twice-daily bitcoin price watch piece, we pointed out 285.86 has presented us with long-term resistance, and that it was proving to be a very difficult price to reach or break above as far as getting in according to a bullish bias was concerned. Once again, overnight on Tuesday, we reached this level and quickly reversed to correct to the downside. With this said, what are the levels that we are keeping an eye on in the bitcoin price today, where did action overnight suggest that price might go during today’s European session, and how can we get in and out markets according to our intraday breakout strategy in the sense that we do get some of the volatility we are looking for? Take a quick look at the chart.
As you see, having corrected from aforementioned 285.86 (now serving as in term resistance) we reached daily lows of 281.55. This is the level to keep an eye on to the downside, and brings us in term support as we head into today’s session.