So it looks like we are finally getting a return to the overarching bullish momentum that took us to trade just shy of $500 towards the end of last year. It’s been a rocky month or so, with the bitcoin price hitting lows not seen in a long time, but with any luck things are back on the up and we can start to see a shift in sentiment.
In yesterday’s analyses we noted that we expected a sharp move as the US markets reopened and joined forces with Asian volume. We didn’t know what direction that move might be in, but it didn’t matter too much from a short term, intraday perspective. Obviously long term holdings benefit from an uptick – but this is a multidirectional intraday strategy, so it doesn’t really matter where things move, so long as they move!
As we head into today’s session, we’d like to see a little bit more strength to carve out a definitive high. We can then use this high as in term support. For now, and until this high becomes clear, we’re going to just stick with the most recent – albeit flimsy – swing high, and if we get a break,