Bitcoin Price Up; Another Target Hit!

In this morning’s bitcoin price watch article, we outlined the trade we made overnight according to our intraday, intrarange strategy, and suggested that for today’s European session we would revert back to our more traditional breakout strategy and try to scalp a few dollars on any volatility in the bitcoin price. Action has now matured throughout the day, and it turns out the strategy switch was a good move, with price breaking to the upside midafternoon and reaching our predefined target almost to the cent, before reversing to correct a little to the downside. So, as we head into this evening’s Asian session, where are we looking in the market, and are we going to maintain the current strategic approach? Take a quick look at the chart to get an idea of what we are watching.

Screen Shot 2015-10-22 at 16.48.27Screen Shot 2015-10-22 at 16.48.27

To answer the strategy question, yes. Our approach has worked for today’s session, and although we are currently consolidating, we will hold our breakout strategy for this evening in the hoe that we can push forward to further highs throughout the Asian open.

The levels we are watching this evening are slightly altered from this morning, to accommodate today’s action. They are in term support at 273.65, and in term resistance at 280.04 – intraday highs.

Since we are in a longer term bull trend, let’s address the upside trade first. If we can break above, and close above in term resistance, it will put us long towards a secondary (for the day) medium term target of 285 flat. As we said this morning, this would represent longer term highs, so expect some friction if we do reach this level and a level of post-reaching consolidation.

Looking the other way, a break below in term support would bring 267.31 into play to the downside, with a stop around 275 defining our risk on this short trade.

Charts courtesy of Trading View – leading Bitcoin News source since 2012