We are going to start off this morning’s analysis with a daily chart. It’s little more expansive a time frame than we normally focus on, but it offers us some insight, so it’s worth looking at quickly. As the chart below shows, action in the bitcoin price has, over the last few weeks, formed something of a triangle at the end of an upside run. We are going to use this triangle to help form our bias today – specifically, a break of the triangle’s outer perimeters (in either direction) will dictate our medium to long-term bias in the bitcoin price.
For our intraday strategy, however and as we head into a fresh European session this morning, let’s look at a more focused timeframe. The chart below shows the same action, but on a 15-minute candlestick chart, and only showing the last 24 hours or so of price action rather than the last few weeks’ worth.