Bitcoin Price Watch; Scalping The European Session

It is Wednesday morning, and time to take a look at what happened to the bitcoin price over the night, and how we can interpret this action moving into today’s European session. Yesterday evening, we noted that price has being pretty flat for the majority of the week, and that as a result, we haven’t really had that many opportunities to get into the market. We also noted that this might just be a consolidation phase, and that we could see an unwinding of the consolidation midterm if we get any volume. Volume overnight was pretty thin, but we have a nice defined range and should be able to use the key levels that define the range as solid entry points today. So, without further ado, let’s get into the detail. First, take a quick look at the chart below to get an idea of the levels in focus. It is a 15-minute candlestick chart, with our range in focus outlined in green. The candlesticks on the chart are a 5-minute timeframe candle.

Screen Shot 2016-08-10 at 11.28.15

Screen Shot 2016-08-10 at 11.28.15

As the chart shows,

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