Bitcoin Price Tanks; Now What?

Tracking the bitcoin price over the past few weeks has been tough. Despite bouts of overnight volatility, we have seen very little in the way of sustained trend, meaning our breakout strategy has put us in trades but without sustainable movement, hasn’t carried us to our take profit levels. Over the weekend, however, we did get a little bit of interesting action, and it could be a sign that that as we head into a fresh week’s worth of trading – there may be more action to come. So, with this said, let’s take a look at the action we saw over the weekend, and outline the levels we are going to keep an eye on during today’s session in order to try and draw profit from the market with our intraday strategy. First, take a quick look at the chart.

bitcoin pricebitcoin price

As you see, having reached highs of 234.98 over the weekend, the bitcoin price corrected decline all the way down to what now serves as in term support at 226.03 for today session. In term resistance sits at 231.70 – last night’s swing high.


Read more ... source: NewsBTC USA