Action overnight on Tuesday has sparked something of a recovery in the bitcoin price, despite us breaking the 200 support level earlier in the week. With a nice break to the upside yesterday afternoon, we have managed to hold above 220 victory much the entire night – which bodes well for the fresh European session today. With this said, things are still pretty uncertain out there, and equities markets remain volatile on the back of what’s happening in China. As a result, we must also bear in mind that a downside play could be on the cards. So, with this said, what are the levels we are keeping an eye on today in the bitcoin price, and where can we look to get in and out of the market according to our intraday breakout strategy? Take a quick look at the chart.
As you see, yesterday afternoon around 3 PM GMT we broke through in term resistance at 220 flat and reached overnight highs of just ahead of 227.50. We then ranged throughout the Asian session and, about half an hour ago,