Bitcoin Price Watch; Back On Track For Strength

Bitcoin Price Watch; Back On Track For Strength

Well, here we go – another week pretty much done and just a single session left before we close out for the weekend. It’s been a bit of a strange one. The bitcoin price started out pretty much flat on the week, trading below the 1000 threshold that we waited so long for it to break towards the end of last year. Many claimed that the run through to 1300 seen in January was a bit of a fluke run, and that it was hysteria supported. To a degree, it probably was, but towards the end of this week, price has broken back through the 1000 threshold, and it looks as though things are back on track for some strength. If the are, and if we can set up correct against today’s session, then we may be able to pull a profit or two from the markets heading into the...

Bitcoin Price Watch; That’s A Wrap!

Bitcoin Price Watch; That’s A Wrap!

So there it goes, another week down, and what an interesting week it’s been. Well, interesting maybe isn’t the right word. Perhaps frustrating is a little more apt as a description. The bitcoin price was basically flat for a few days at the beginning of the week, and we started to think that maybe there was a long stretch of sub-1000 action ahead of us. Price didn’t look like it was going to break, and volume didn’t look like it could support a break even if price decided to, and out intraday strategy was looking decidedly ineffective. We managed to get in and out on a couple of quick turnaround breakout trades. We also managed to get ourselves stopped out on a couple of occasions. We went into this morning’s session with an albeit narrow net gain on...

Bitcoin Price Watch; 1000 In The Crosshairs

Bitcoin Price Watch; 1000 In The Crosshairs

In this morning’s analysis, we noted that price had been relatively flat throughout the majority of this week, and that there was a chance that action could remain flat as we moved into the last day of the week and beyond into the weekend. We also noted, however, that when price consolidates as it has been doing over the past few days, we sometimes see some nice breakout volatility activity, as markets spring back into action after rebalancing. We are about to close out the European session, and it looks as though the latter of these two suggestions has proven the most accurate. Price ran up through our predefined in term resistance level earlier today, and enabled us to get in to a long entry on the break. We quickly took out our upside target, and are...

Bitcoin Price Watch; Consolidation The Order Of The Day

Bitcoin Price Watch; Consolidation The Order Of The Day

Right then. The week is nearly done and, when compared to last week, there’s been very little in the way of volatility in the bitcoin price to go at with our breakout strategy. Things started off ok, bet then as Tuesday’s European session came in to play, and then Wednesday, and now Thursday, things have just settled into a trend of sideways action, with very little movement. Like we always say, this isn’t necessarily a bad thing. There have been numerous occasions in the past where we have gone weeks without seeing any real movement, and its just a case of waiting for the consolidation to close out, and for markets to get a hold of themselves. Chances are we are going to see much of the same sort of flat action throughout the session today, but in...

Bitcoin Price Watch; Riding Out The Sideways Action

Bitcoin Price Watch; Riding Out The Sideways Action

So that is another day done in our bitcoin price trading efforts, and there’s been very little action worthy of note yet again. As we highlighted this morning, the momentum seen throughout late last week and into the weekend has all but dissipated, and we are now getting a sustained period of consolidation. Sideways trading is far from conducive to breakout entries, and that basically renders our intraday strategy useless temporarily. Sure, we can bring intrarange in to play now and again when conditions are as they are, but for today at least, we were going at too tight a range to do so. In other words, we were trying to force a breakout entry, and it didn’t work. Anyway, that doesn’t mean we can’t set up against the action and see what comes our...