Bitcoin Price Watch; Back to Breakout!

Yesterday afternoon, in the second of our twice daily bitcoin price watch pieces, we mixed things up a little bit. At time of writing we remained well within the range we had pre-slated as the one to watch for the morning session, and this gave us two choices. One, remain with that framework only (which, of course, wouldn’t have made for a particularly interesting evening’s worth of trading, or a particularly interesting analysis, for that matter); or bring a scalp strategy to the fore and trade both frameworks concurrently. We went with the latter option, and narrowed our timeframe right into the five-minute intraday candlestick. Our bitcoin price range was very narrow, and our targets only marginally wider, but with some solid risk management principles in place our downside was limited. As things turned out, this was a great move. We got exactly the action we were looking for shortly after the analysis went out, and managed to get in on a scalp upside run to draw a small, but nevertheless significant, profit from the market.

We’ve got a fresh session ahead of us today, and with action having opened up a bit overnight, its ok for us to return to

Read more ... source: TheBitcoinNews