In this morning’s bitcoin price watch piece we highlighted the levels that we were going to keep an eye on throughout today’s session, and suggested where we would be looking to get in and out of the market according to our intraday strategy if we got any volatility. Action has now matured throughout the day and – despite the steep decline in the bitcoin price over the weekend – seems to have stabilised little bit throughout the European session. However, this being said, the current action may simply be a correction, and we could be set for further downside momentum this evening. So, let’s take a look at what we are looking at during tonight’s Asian session, and see if we can figure out where we can draw a profit from the market if we get any volatility. Have a look at the chart first.
As you can see, the bitcoin price broke through the level we had slated as in term support shortly after we published our analysis, and put us in a short trade towards our medium-term downside target. However, we quickly broke