It’s morning time in Europe again, and as such, time to put forward our first analysis of the day in the bitcoin price. We’ve been craving some volatility over the last few days, and action last night finally gave us that volatility. Having initially gained to overnight highs just ahead of 455, price looked pretty solid this morning as the European session opened. However, as we write this, price has collapsed to carve out intraday lows at 451.45. Exactly what is driving this selloff is unclear. It may just be that short-term speculators are pulling profits out of the market on the back of the recent gains. In which case, we would expect the downside momentum to abate, and eventually reverse. If this happens, we could see a closing of the gap and and run back towards highs. It’s speculation, at this point, however, and so we need to set up on both sides of the market. With this in mind, and to get an idea of the levels we are focusing on for today’s morning session, take a quick look at the chart below.