It’s been about 36 hours since we published our last intraday analysis, and we’ve had a lot of action across the period. In yesterday’s analysis, we suggested that the bitcoin price was – for want of a better phrase – coiling up and in doing so getting ready to spring in one direction. We noted that it was impossible to tell with any certainty just what that direction would be, but the rules of both our intrarange and our breakout strategy afford us the luxury of not having to form a bias if we don’t have any firm indication, and still being able to draw a profit on any volatility. As things turned out, the bears took control overnight, and we broke to the downside. We ran clean through the level we had slated as in term support and, without so much as a brief consolidation, hit our downside target for a nice quick profit on the move. As such, our upside levels (the ones we defined yesterday) become invalid, and we must set up some fresh parameters for today’s session.
One thing it’s worth noting before we get started with our definitions – we are heading into what could be