Bitcoin Price Up; Wild Ride!

Once again we’ve had a bit of a wild day in the bitcoin price. Having consolidated overnight in response to yesterday’s collapse, the bitcoin price found intraday lows at 348.59. From this level, today’s action has seen a rise up and through the level we predefined as this morning’s resistance, 356.58, and put us in a long trade towards 365.84. In light of this, we wont be initiating any fresh positions until this one closes out – either through the hitting of our stop loss or our predefined target at 368.54. For those not yet in a trade, however, here are the levels to keep an eye on tonight.

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First up, support. With price having broken though resistance today, that level now serves as in term support – specifically the aforementioned 356.58. In term resistance comes in at our current target – 365.84.

Since we are currently enjoying some upside momentum, let’s address that the upside first. If we see a break of in term resistance, and get a close above this level on the intraday chart,

Read more ... source: TheBitcoinNews