In this morning’s bitcoin price watch piece we highlighted the levels that we were keeping an eye on throughout today’s European session. Action has now matured throughout the day and – at a time when global markets are breaking to the downside – there has been plenty of volatility in the bitcoin price. As we head into a fresh Asian session, what are the levels we are watching tonight, and where will we be looking to get in and out of the markets according to our intraday strategy if we get a repeat of European volatility? Take a quick look at the chart.
As the chart shows, action today has mirrored that of other financial assets and trended primarily to the downside. Daily lows at 214.05 give us a nice parameter to watch on the bearish side of things, and serves as in term support for this evening. Looking the other way, in term resistance sits at 223.57. These are going to be the levels we watch moving forward.
If the downside momentum continues, we are going