To say action overnight had been erratic would be an understatement. The chart we are using for today’s analysis doesn’t represent the erraticism perfectly, as it’s a contracted version, but the up and down volatility across the board in the bitcoin price was there nonetheless. We didn’t see too much sustained directional movement. But within a pretty tight range the bitcoin price jumped around, never really offering us any real entries (even on the tightened scalp platform we outlined yesterday afternoon).
We start the day a little down on yesterday’s open, but nothing substantial, and not any where near enough to suggest an overarching bearish bias. With this in mind, we’re going to bring a breakout and an intrarange strategy to the table for this morning’s European session, in an attempt to draw some intraday profit from the market.
Get a quick look at the chart below to get an idea of the levels we are watching and the action to this point. It’s an intraday, 15-minute candlestick chart across circa 48 hours’ worth of action.