Unlike last week, when we tried to incorporate a range of technical charting patterns into our bitcoin price trading strategy, this week’s strategy has been pretty straightforward. When we see s sustained directional bias (in this case, to the upside) it’s often just a matter of stepping up the key levels with each new formation swing high, and rerunning the same approach – similar distance targets, tights stops, nothing too aggressive. In yesterday’s analysis we set up against a potential upside break, and overnight we got the break – not without a brief downside correction, however, but a break nonetheless. A short while ago some decent volume on the European open boosted the bitcoin price a little more, and we now sit just shy of intraday highs at 423.5.
In light of the recent action, and in line with what we’ve just discussed, we’re just going to shift our levels around and play to the directional bias throughout today’s session. So – with this said – let’s get to the strategy. As always, get a look at the chart below to get an idea of what we are looking at.