Fundamental opinion seems to be driving the bitcoin price at the moment. We have seen sharp declines in a matter of hours spike the bitcoin price down to fresh weekly lows, and pretty much instant corrections drawback on some of these spikes to cement positions. However, as mentioned this morning, the European session seems to be relatively quiet as far as big moves are concerned. It is almost as if the Asian markets are driving the volatility, while markets are looking at Europe as a consolidatory session. However, this does not mean that we can’t set up against these driving movements in the Asian session. Any consolidation during Europe simply serves to further define our entry and exit parameters, and we can use orders to get in and out by default if need be. So, with this said, here’s what we are looking at this evening. Take a quick look at the chart.
As you see, during today’s session, we have ranged between a lower trendline of the upward sloping triangle and the upper parameter of 237.67 – the latter of which