So that’s the day over, and it’s time to take our final look at the bitcoin price for this half of the week. Things have been slow so far this week, and the only real moves have come as the US session draws to a close and – shortly after – the Asian session kicks off. This could well happen again tonight, but with any luck we’ll see some volatility ahead of this period so we can get in to a position before session shutdown.
Whatever happens, we’ll be ready to go.
In this morning’s analysis, we mixed things up a little, and went for what we referred to as a binary strategy. Specifically, we plotted a key level and looked to enter in the direction of a break (in either direction) and target a pretty humble $5-dollar target. As things played out, this strategy got us into a trade (on a close above our 610 threshold) but we are yet to take profit on the trade. Our target is at 615, and price only managed to log highs just ahead of 613.
So, while we are in that trade, we are going to leave it alone and see how things play out.