This morning’s article was a bit of a speculative approach to the bitcoin price. We saw a bit of movement over the weekend, and had hoped that this movement might continue throughout the Monday session in Europe and – in turn – that we could get in for either a quick scalp profit or an intrarange play. Things haven’t quite gone to plan. We got in a little earlier on for a long entry on a breakout – a close through resistance to be specific, and aimed to get out at a take profit around $8-9 above our entry. Unfortunately, shortly after we got in to the markets, price reversed on us and we were taken out of the trade for a stop loss hit. We are now in a position to revise our range, and hopefully go at the markets with a little more success this evening.
With this said let’s get down to the detail. We are looking at the range described in the chart below, so get a good look at that before we get started. It’s an intraday candlestick chart showing the last 24 hours’ worth of action on a five-minute timeframe.
Read more ... source: TheBitcoinNews
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