Just as we did last night, let’s start today’s session off with a chart. The image below shows the action overnight on Thursday, with an overlay of the framework we highlighted as being our trading strategy heading into the Asian session and the US evening.
As the chart shows, when we published our strategy, we were trading mid range between a pretty tight, two-dollar range. As evening hit, the bitcoin price broke through in term support, and we entered short towards a downside target of 412 flat. We got a good run down initially, but price reversed just shy of our target and returned to trade within our range, and took out our stop on a spike up, before eventually returning to trade below support and take out what would have been our target on a spike down.
So, that’s what happened last night – we got in what looked like a nice position, but choppy action took us out for a small loss. We’re going to shuffle things around for a fresh session today, and see if