Bitcoin Price Watch; Switching Things Up

It is the end of the week, and we are going to mix things up a little bit for our first analysis out of Europe today. Price has been pretty volatile overnight, and this has necessitated that we narrow our timeframe (from the usual 15-minute candlestick chart to the five-minute candlestick chart). This means we can take advantage of the shorter-term volatility and – also – helps us to align our predefined range a little more accurately. So, with this said, and as we head into today’s European morning session, where are we looking to get in and out of the markets according to our intraday strategy, and how will we respond to any volatility? As ever, take a look at the chart below. As mentioned, it’s a five-minute candlestick chart, and it shows somewhere around the last 24 hours’ worth of action in the bitcoin price.

Screen Shot 2016-05-27 at 10.30.38

Screen Shot 2016-05-27 at 10.30.38

So, as the chart shows, today’s range is defined by support to the downside at 477.33 and resistance to the upside at 497.20. We are currently trading midrange, so we

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