Last night we published our second of our twice daily bitcoin price watch pieces ahead of the Asian session. The primary thesis behind the piece was that we would be tightening up both our range and our risk parameters, with the goal of reducing our exposure to any correction in the bitcoin price overnight while also leaving us open to draw a profit from any action. Price has now matured across the session, and we are now mid way through Thursday’s European trading. So, at this point, how did price fare overnight, did our strategy get us in and out of the markets as a response to yesterday’s volatility, and where are we looking to get in and out today? Take a quick look at the chart.
As you can see, the bitcoin price collapsed overnight to break lows just ahead of 360 flat. We have since bounced a little bit to return to trade above 400 – a level around which we are currently trading. With this action taken into consideration, in term support for