In this morning’s bitcoin price watch piece, we looked at the action we had seen overnight in the bitcoin price, and suggested that we might be looking at a sustained move for today’s session. The range we outlined was pretty tight, though concurrently wide enough for us to bring both our intrarange and breakout strategies to the table.
Action throughout this morning was pretty tight, until we spiked just now, and this has redefined tonight’s parameters. Take a look at the chart to see how.
As you can see from the chart, the range we are looking at for this evening’s session out of Europe, and as things advance into the US afternoon and beyond, is defined by in term support at 411 and in term resistance at 414. It’s a little too tight to play intrarange, as there’s not really enough room to offer up a sufficient risk management profile, so we’ll be sticking with the breakout approach tonight. Of course, with the recent volatility, things may differ before the Asian session kicks of.