So after all our suggestions that price had finally returned to some volatile action on the intraday charts, and us finally getting in and out of a few nice trades, things seem to have settled down. Action overnight was essentially flat – with our bid ask taken into consideration we couldn’t even get in on anything short term, and it looks like early morning out of Europe we are going to see much of the same.
When we see action like this, it’s tough to get a proper read on how we should play things. Without any solid action (and in turn, reversal points) there aren’t really any near term strong levels to go at, so we’ve pretty much got to set up against the longer term and wait it out. This, of course doesn’t make for great entertainment if this wait out period is extensive. On the bright side, the nature of price action, and especially so when it comes to bitcoin, is that price can turn on a dime, and these periods aren’t usually that drawn out.
So, with this in mind, and as we head into today’s European session, let’s see if we can set up some forward looking