In this morning’s bitcoin price watch piece, we highlighted a few of the levels that we would be keeping an eye on during today’s session. We noted that if we got some volatility, we would look to enter according to our intraday breakout strategy and, using predefined risk parameters, try and draw a profit from the market. Action has now matured throughout the session, and as we head into the Asian open, how has our strategy fared and what are we looking at going forward? Before we answer both of these questions, take a quick look at the bitcoin price chart.
This morning we were looking at 284.6 as our in term resistance level. Around midday GMT we broke this level to the upside, then closed above it putting us long towards 290 flat. However, almost as soon as we entered, price broker back below resistance and took us out of the trade for a small loss. We now trade between a fresh in term resistance