In this morning’s bitcoin price analysis, we mixed things up a little bit, and went with a variation on our standard strategy. Specifically, we looked at a downward sloping channel range (as opposed to our horizontal usual range) and said we would look to enter towards a five-dollar target on a break above or below the channel, dependent on which way price broke. We would go for some pretty tight risk management principles, with a circa two for one reward to risk profile, and see what happens on a set and forget scalp breakout.
As it turns out, this was a rewarding approach for the session. We got a nice upside break shortly after publishing our analysis, and this upside break carried right on through to our predetermined target. We did get a bit of a stutter early on, which turned out to be a retest, but this didn’t end up affecting the trade any.
As we go into tonight’s session, we are going to revert back to our horizontal range strategy, as this gives us a nice way to get in on the action that today’s price has carved out.
The image below shows the chart for today’s session, and also has