In this morning’s analysis, we looked at the overnight gains we had seen in the bitcoin price on Tuesday night, and suggested that we may see some extension of this overarching bullish momentum in the bitcoin price during today’s European session. A couple of Fundamental drivers, including the ECB weighing in on the blockchain and its applications via this report and IBM detailing its blockchain strategy through this press release have translated to some bullish sentiment, and this has likely driven the gains. We don’t tend to focus on the fundamental aspect of the market for the purposes of this analysis, but it’s always good to be aware of the general bias. Why? Because it gives us some insight that we can use to judge aggression from a targets and stop loss perspective.
Anyway, getting back to today’s technical action, our strategy put us long towards a scalp target a little earlier on, and we took out our target a short while ago for a circa $6 per unit profit. As we head into this evening’s session in Europe, and beyond into the Asian session, what are we looking at in the bitcoin price from a breakout perspective? As