Bitcoin Price Poised for Breakout; Here’s What’s On

This morning we commented on the strange action we had seen in the bitcoin price overnight, and on the frailty of any real bias in the wake of the Federal reserve’s latest decision to raise the US base rate by 0.25%. We said that 0 as a result of the uncertainty surrounding the implications of the US rate hike – we were going to reign in our key levels and incorporate a real tight breakout strategy, chasing short targets in a scalp-like fashion. This way, even if price put us in a trade and then reversed quickly, we’d a) have a good chance of hitting our target (since it is a small, tight trade) or b) be taken out of the trade for just a small loss, somewhere in the region of a few dollars on our intra-range stop loss placement. In light of today’s action, and taking into consideration that very little has changed from a fundamental perspective, we are going to be maintain this approach as we head into tonight’s Asian session and beyond – at least until we either get a considerable breakout (in either direction) or until we get some reprieve over the weekend. So, without

Read more ... source: TheBitcoinNews