Yesterday we mentioned that, as a response to the tight, sideways action we had seen throughout the afternoon session in the bitcoin price, we would tighten up our range but set up against a possible sharp move on the back f price breakouts. As things turned out, we got just this move. Unfortunately, from a long term holding perspective, the move didn’t come in the direction we’d hoped. From action yesterday morning it was looking more likely that we would see 500 flat before we broke 400 again – now, not so sure. Having said this, from an intraday perspective and for our short term strategy, the move was a good one. We entered short on a break of support and almost instantly took out our downside target for a small, but solid, scalp gain.
Today is a fresh session, and with the big move out of the way this morning, there’s every chance that we could get a consolidatory day as markets take stock of the latest action. Of course, many of the traditional elements of the financial asset markets don’t translate to bitcoin, so we also need to be prepared for a continuation of this action. With this in