So the day has now come to an end, at it’s time to take a second look at the bitcoin price market ahead of tonight’s Asian session. Thing shave been pretty volatile today, as we expected they might be, and we’ve got plenty to discuss before we get to the end, so here goes.
First, a look at the day’s action. When we outlined this morning’s strategy, we noted that action had primarily trended to the downside over the last forty-eight hours, and that this suggested we might be able to get in on a downside bias. As things turned out, this proved correct, but unfortunately, not to the degree we’d hoped. We entered short towards a downside target of 650 flat on a break of support, and price ran down towards our target pretty steadily in the period immediately subsequent to our entry. However, price reversed and bottomed out just ahead of our target, and took out our stop loss. In hindsight, we probably should have given the trade a little bit more room (from a risk perspective) but let’s not dwell on that right now.
Since this, price has once again reversed to the downside, and we currently trade around