Bitcoin Price Breaks; Stop Taken Out

In what turned out to be a pretty unfortunate setup, we entered last night on a breakout to the downside through in term support, with an initial target of 215 flat. This was a target we had predefined, and our entry included a top loss at 322 flat – approximately half of the reward we we looking to capture on the short trade. Having broke support, the bitcoin price ran down towards our target, but at pretty much 317 exactly reversed and quickly changed tact to return to trade within range, and take out our stop in the process. This is, of course, the reason we have stops in place, and the fact that we got taken out of a trade for a small loss is something we must be comfortable with in this sort of approach to the bitcoin price markets. However, in the interest of full disclosure – circa two dollars per lot lost overnight. Now, as we head in to a fresh day’s trading, what are the levels we are looking at in the bitcoin price, and where will we look to get in and out of the markets in an attempt to recoup last nights’ losses?

Read more ... source: TheBitcoinNews