Bitcoin Price Capitulates; Retest or Breakout?

In this morning’s Bitcoin price watch piece, we highlighted the levels we were looking at in the Bitcoin price for today’s session, and suggested we would look to get in on any breakout volatility—dependent upon whether the action allowed us to maintain a positive risk/reward profile.

Action has now matured, and as we head into tonight’s Asian session, what are the levels we are looking at this evening, and how can we look to get in and out of the markets according to our intraday strategy? As ever, take a glance at the below chart to kick things off, and to gain a little insight into how we are approaching the markets.

Screen Shot 2015-12-10 at 18.04.33Screen Shot 2015-12-10 at 18.04.33

First up, it’s worth noting that action today has been relatively flat. We’ve had a pretty strange week, and today’s seeming capitulation has reinforced that strangeness. After shooting through $400 mid-week, Bitcoin reached highs of $425 before correcting (and retesting) the $400 level as support.

Support held, and we have since traded back up to $420, only to correct towards current levels at $415. Tonight’s range

Read more ... source: NewsBTC USA