In this morning’s bitcoin price watch piece, we highlighted the downside momentum we saw throughout the early half of this week, and painted it in contrast to the corrective action we saw during Wednesday evening’s Asian session and this morning’s early European action. We suggested a few of the levels that we would be keeping an eye on today, under the assumption that we would get a continuation of the volatility we saw last night. Action has now matured throughout today’s European session, and as we head into a fresh Asian session on Thursday night, where are we looking to get in and out of the markets, and did today’s market give us any joy as far as getting in and out according to our intraday strategy? Take a quick look at the chart.
As you can see, shortly after we published this morning’s analysis we broker through (and closed below) in term support at 230.95. However, we reversed to take out our stop pretty much instantly, and quickly ran up on reentry to reach in