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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Rockets; 280 Next!

Samuel Rae
Samuel Rae
1 year ago
2 mins read
bitcoin price rockets

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A little earlier on this morning we published our twice-daily bitcoin price watch piece. In the piece, we highlighted the levels that we will be watching throughout Monday’s European session, and suggested that we would keep a close eye on what was happening in Greece as far as helping us to form our intraday bias was concerned. Further, we outlined how we would employ our breakout strategy to draw profit from any potential volatility we saw as a result of any news out of Greece, and slated some potential risk management parameters in the event that we get in and out of a trade. So, with all this said, what of levels that were keeping an eye on now, and can we use action during the Asian session to implement our strategy this evening? Take a quick look at the chart.

bitcoin price

As the chart shows, the bullish action we saw throughout Sunday evening and early Monday morning continued during the European session, and we quickly broke above the level we had slated as in term resistance shortly before midday today. Having reached this level, we ran towards intraday highs of 278.58, and this level now serves as in term resistance going into the Asian session. In term support sits at 273.92. These are the two levels that will be watching this evening.

If we get a break above 278.58, would put us long towards a medium-term goal of 284 flat. A stop loss on this trade somewhere around 277 flat will help us to keep our risk reward positive and make the trade worthwhile. Looking the other way, if we can get a break below in term support at 273.92, it would invalidate the current bullish momentum and present us with a bearish bias towards an initial downside target of 267.12. With the current action, this is the less likely of the two biases, but worth mentioning nonetheless as – as we have seen – the bitcoin price can reverse quickly on any fundamental volatility.

Charts courtesy of Trading View

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Samuel Rae
Samuel Rae

Samuel Rae

Comments 2

  1. jimbit says:
    10 years ago

    I wonder what kind of descriptive headline newsbtc will use when bitcoin ACTUALLY rockets. ?? is there a term to describe something going up faster then a rocket? lazer?

    Point is.. I will completely ignore ‘newsbtc’ headlines now.. a 10% move in bitcoin is not a ‘price rockets’

    Reply
    • 00Pottus00 . says:
      10 years ago

      I am sure there is hordes of traders foaming at the mouth ready to dump at a moments notice.

      Reply

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Comments 2

  1. jimbit says:
    10 years ago

    I wonder what kind of descriptive headline newsbtc will use when bitcoin ACTUALLY rockets. ?? is there a term to describe something going up faster then a rocket? lazer?

    Point is.. I will completely ignore ‘newsbtc’ headlines now.. a 10% move in bitcoin is not a ‘price rockets’

    Reply
    • 00Pottus00 . says:
      10 years ago

      I am sure there is hordes of traders foaming at the mouth ready to dump at a moments notice.

      Reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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