Bitcoin Price Watch; Another 600 Test?

The bitcoin price has had a pretty rough start to the month. Overnight last night, and during yesterday’s session, price declined to break the 600 support level – a level that has held firm since mid June. From support price then bounced, and we currently trade just ahead of this level, but the overarching trend remains to the downside, so it looks as though we are going to get a retest going into this evenings session.

Whatever happens, we’re going to make sure we are ready – be that by way of an intrarange trade on a bounce from the 600 range or a breakout position as price breaks support or resistance.

So, with this said, let’s take a look at what’s on the cards this evening. As ever, take a quick look at the chart below to get an idea of the levels in focus before we get into the details. It’s a fifteen-minute candlestick chart showing the last couple of days’ worth of action, with our key levels overlaid in green.

Screen Shot 2016-08-02 at 14.58.45

Screen Shot 2016-08-02 at 14.58.45

As the chart shows, the levels

Read more ... source: TheBitcoinNews