At the end of last week, we noted that action in the bitcoin price had been relatively flat for the majority of the week, but that heading into the weekend we might see an increase in volatility, based on some inflated volume. In turn, we suggested that we might see a price rise, and finally get out of the sideways trend that price has been stuck in for what seems like close to a month now. As things turned out, we did see this spike, and action over the weekend has given us plenty to go at for today’s session of Europe.
So, with this in mind, and as we head into a fresh European session today, let’s take a look at the bitcoin price price, and see if we can outline some key levels with which we can get in and out of the markets according to our intraday strategy.
As ever, take a quick look at the chart below in order to get an idea of where we are looking. It is a five-minute candlestick chart showing overnight action.
So, as the chart shows, the