In this morning’s analysis, we set up against the action seen over the weekend in the bitcoin price, and looked to get in on any volatility. We noted that the labor day momentum would probably be a little weak based on the volume limiting Labor day, and that this could limit our aggression when we get in and out of any speculative moves.
As things turned out, we did get a couple of breaks, but didn’t manage to get towards our targets. Unfortunately, we fell foul of the momentum issues we highlighted in this morning’s analysis. Price broke through our predefined support level shortly after we put forward our key levels, and it looked as though we were heading for a nice quick turnaround target to the downside. Our take profit was placed at 605, and we got in short on the break of support. Price ran down to within one dollar of our target, but then reversed, and moved up slightly before trading sideways for the remainder of the afternoon’s session. The break has given us an alternative range to go at this evening, but that’s about it. Our trade got out for a small loss, and we head into
Read more ... source: NewsBTC USA
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