Half way through the afternoon session in Europe yesterday, we published our intraday analysis for the bitcoin price. We hypothesized that, by virtue of both a key resistance level and a sloping channel, that a break to the upside would give us some nice bullish momentum, and that 460 flat was a reasonable, yet conservative target on a long position in such a scenario. Action has now matured overnight, and we are about one hour into a fresh European session on Friday. There’s still plenty of volatility to be taken advantage of today it seems, and as usual, we are expecting further movement over the weekend. So, with this said, let’s have a look at the action we saw in the bitcoin price overnight, see whether our targets were valid and, finally, try to ascertain which of our strategies is most suited to the action we expect during today’s European session and beyond. First up, get a quick look at the chart to see what we’re dealing with.
As the chart shows, action overnight