Bitcoin Price Watch; A New Approach…

For our final analysis of the week, we’re going to mix things up and make this evening’s trading a little more interesting. This morning we noted that the likely best approach was going to be an intrarange one, based on the sideways trading we’ve seen in the bitcoin price since Wednesday evening’s decline. Action today, has vindicated this suggestion, by remaining well encased between the two parameters (support and resistance) that define today’s range. We got into a trade on a bounce from support a little earlier on today, and remain solidly in that trade (currently the bitcoin price sits mid range, and we are targeting support) so we’re going to hold off from entering any fresh trades until this one resolves itself – be that by a target or a stop hit). However, for those not in a trade, or for those looking to run a concurrent strategy, we’ve introduced some mid range parameters to aid the intrarange trader. With this said, let’s get to the details. The chart below highlights what’s important.

Screen Shot 2016-03-04 at 16.09.14Screen Shot 2016-03-04 at 16.09.14Read more ... source: TheBitcoinNews