A little earlier on this morning, we published our twice-daily bitcoin price watch piece. In the piece we highlighted levels that we would be keeping an eye on in the bitcoin price throughout today session, and suggested how we would respond to price reaching these levels as far as getting in according to our scalp strategy was concerned. Action has now matured throughout the day, and we have been chopped out of a couple of downside trades through some sporadic volatility. So, with this said, where we get in and out of the market today, and what are we looking at now? Take a look at the chart.
At the chart shows, having reached highs around 268 flat earlier this morning, we traded down towards what we had slated as in term support at 262.72 shortly after. We broke this level about one hour post-publication of our morning analytics piece, and – as such – enter short according to our downside breakout strategy. However, we quickly returned to trade within range, and were taken out by our stop loss. Once again, we broke in term support and enter short, but – yet again – we were taken out of the returned to trade mid-range earlier on this afternoon. We got a little bit of a run towards in term resistance in the hours preceding this break, but we remained to trade within range – with 262.72 still serving as in term support and 268.00 still serving as in term resistance. These levels we will be watching as we head into the Asian session. If we can get a break above 268 flat, it would put us long towards 272, with a stop loss somewhere around 266.5 taking us out of the trade in the event of a bias reversal. Looking the other way, if we get another break back to the downside, we will look to go short at 262.72 with a downside target of 256.94 initially