In this morning’s analysis, we discussed the corrective action that we had seen in the bitcoin price over the weekend and suggested that – temporarily at least – an overarching bearish bias seemed smart. We also noted that we needed to widen out our core range and trade only on breakouts and that by doing this, we could limit our exposure to any choppy volatility.
Action has now matured throughout the day, and it looks as though we made the right decision. At least, that is, with regards to risk management. Price has been relatively choppy, and we managed to get in on a decent breakout position early on in the day which we subsequently rode out to profit. As far as the bearish bias was concerned, however, we weren’t quite as accurate. Price has been in recovery mode throughout the majority of the session and currently trades in and around 2570. If the upside momentum continues and isn’t hampered too much by profit-taking near term, we could easily see a run into the 2600s before the US session draws to a close.
So, before we do see such a break, let’s outline the levels with which we can capitalize on it
Read more ... source: NewsBTC USA
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