Bitcoin Price Watch; Keeping Things Simple

After what started off as a promising week in the bitcoin price and our intraday strategy, but as the week went on things got a little choppy. We slated two technical charting patterns that have a decent rate of success – the head and shoulders pattern on Wednesday and the triangle pattern during yesterday afternoon, and while both completed (in the sense that they validated and we got an entry) they went on to take out our stop losses in both instances. Whether we’ll get a little more fortune over the weekend remains to be seen – I predict we might not see much volume and this might translate to some pretty weak momentum? Why? Because there is discord in the bitcoin space at the moment, and this might weigh on people’s sentiment. If anything, we will likely see some selling pressure as people unload any speculative coin holdings while the whole classic/core debate plays out.

For us, from a technical intraday perspective, this means we might not be able to get in according to our breakout rules. Obviously this is just a prediction, and far from set in stone, but it seems valid given the underlying fundamental environment. Whatever happens,

Read more ... source: TheBitcoinNews