It’s been a rough weekend for the bitcoin price. At the end of last week, we noted that there was a potentially large moving coming up, based on the consolidatory action we had seen throughout the latter half of the week. We hoped (from a long term holding perspective) that it would be to the upside – towards the 500 flat level that has proved so elusive over the last couple of months. We did get the movement we expected, though unfortunately the move came to the downside. There’s a silver lining, however. We managed to get in short on the action and draw a couple of nice profitable trades from the market, which afforded us the opportunity to hedge some of the losses taken on the longer term side of things.
We are now heading into a fresh week, and a look at the action in the bitcoin price over the last twenty-four hours or so reveals a certain level of correction – far from the magnitude of the overarching decline, but some reprieve towards where we currently trade at circa 210 flat.
So far this morning, action has been pretty tight, suggesting we are in for another sustained move before