A little earlier on today, in our morning bitcoin price watch piece, we noted that the overarching momentum in the bitcoin price was to the downside, and that we would incorporate this into our intraday breakout strategy as we headed into a fresh week’s trading today. Action has now matured, and we have seen a continuation of the trend, as expected. However, pre-decline, we got a little bit of upside momentum, and this put us in a long entry according to our predefined entry levels (outlined earlier here). Unfortunately, we were quickly taken out of the trade, as price reversed to trade back within our range shortly after the initiation of the position. So, with this said, what are the levels we are looking at in the bitcoin price market tonight and – as we head into the Asian session a little later on – what are we watching? As always, take a quick look at the chart to get an idea of our key levels.
As the chart shows, tonight’s range is defined by