The European session has now drawn to a close, and it’s time to take a look at the action we saw in the bitcoin price throughout the day, and see if we can use that action to put together a strategy for this evening out of the US, and beyond, into Asia. Once again, it’s been a pretty tough day. Last night we noted that we got taken out on choppy action by a stop loss hit on a short position. It wasn’t a crippling loss (that’s why our stops are in place, after all) but it was a bit frustrating as we are now net down on the week for the first time in a long time. We were hoping to recover this during the European session today, but as things have turned out, we just picked up another stop loss. Pretty much identical – choppy action, downside break, quick reversal, return to trade in range.
Oh well, not to worry.
We’re gong to dust ourselves off, shuffle our key levels around a bit, and see if we can get a decent entry this evening to even things up. Let’s get to it. First up, take a look at the chart