On Friday, shortly before the markets closed in Europe, we published our twice-daily bitcoin price watch piece. In the article we highlighted the levels that we were keeping an eye on, and suggested where we would be looking to get in and out of the markets to take advantage of movements in the bitcoin price according to our intraday strategy. As we head into a new week’s worth of trading what are the levels we are keeping an eye on, and where will we look draw profit today? Take a quick look at the chart.
As the chart shows, action over the weekend has resulted in a sharp decline in the bitcoin price, with floors of today’s daily lows at 220.11. To the downside, this will be the level of watch today. To the upside, we will keep an eye on 229.05 – with both of these levels serving as in term support and resistance respectively.
If we get a break below 220.11 it will put us short towards 215 flat. We’ve not seen levels that low