The European session is about to draw to a close, it’s time to take a second look at the action seen in the bitcoin price market today. In this morning’s analysis, we noted that price has declined considerably across the last few days (when looked at in comparison to last week’s action) and that this was likely as a result of a combination of fundamental factors and also some level of selling volume as speculative long positions unwind. So, with this said, how can we use the action and volatility that we have seen today as a yardstick for tonight’s trading? To get an idea of the range we are focusing on, take a look at the chart below. It is a 15-minute candlestick chart that shows the last 24 hours worth of action – specifically, the decline in question and the subsequent range trading seen earlier this morning.
As the chart above illustrates, bitcoin price action today has been relatively flat, and has traded well within our predefined range. For this reason, we are ok