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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Recovers Temporarily; Now What?

Samuel Rae
Samuel Rae
1 year ago
1 min read
Bitcoin Price Recovers Temporarily. Now What-

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In this morning’s bitcoin price watch piece we highlighted the levels that we were keeping an eye on in the bitcoin market, and attempted to make sense of the wider action in the financial asset markets. Further we tried to determine the implications of these wider market movements for the near term of the bitcoin price moving forward. Action has now matured to a close on the European session, and as we head into an Asian evening, what are the levels we are watching now, and where can we look to get in and out of the markets according to our intraday breakout strategy? Take a look at the chart.

Screen Shot 2015-08-25 at 16.48.00

As you can see, having broken through the level we had stated as in term resistance earlier today, we quickly ran up towards the level we were watching as a medium term target. This was a nice long trade, and  helps us to define our parameters this evening.

If we can get a strong break above 223.47 (new in term resistance) and a close above this level on the intraday chart, we will look to entry long towards a medium term target of 228 flat. Beyond that, 230 will come into play. On this trade, a stop loss somewhere around 221 flat will help us to maintain a positive risk reward profile.

Looking the other way – a break below in term support at 215.95 will put us short towards 207.73. Again a stop loss is warranted, with somewhere around 218 keeps things attractive from a risk management perspective.

Charts courtesy of Trading View

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Samuel Rae
Samuel Rae

Samuel Rae

Comments 5

  1. Jim says:
    10 years ago

    Still learning how to trade Bitcoin, but now yet clear on the terminology. What is considered “the intraday chart”? What time period does it cover? Also what time interval do you typically set your candles at?

    Reply
    • cohagen says:
      10 years ago

      He doesn’t. It’s all just sooth saying.

      Reply
  2. Abe6772 says:
    10 years ago

    I was a bitcoins supporter (I even interned at a bitcoin start up) but I just don’t see it bouncing back.

    Reply
  3. cohagen says:
    10 years ago

    Nothing more than some exchanges pulling some shady fake volume to inflate the price ala mt gox, big crash soon to follow.

    Reply
  4. ?Legendary Bruce Lee Roy says:
    10 years ago

    “temporarily” how do you know if its “temporarily” dickhead.

    Reply

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Comments 5

  1. Jim says:
    10 years ago

    Still learning how to trade Bitcoin, but now yet clear on the terminology. What is considered “the intraday chart”? What time period does it cover? Also what time interval do you typically set your candles at?

    Reply
    • cohagen says:
      10 years ago

      He doesn’t. It’s all just sooth saying.

      Reply
  2. Abe6772 says:
    10 years ago

    I was a bitcoins supporter (I even interned at a bitcoin start up) but I just don’t see it bouncing back.

    Reply
  3. cohagen says:
    10 years ago

    Nothing more than some exchanges pulling some shady fake volume to inflate the price ala mt gox, big crash soon to follow.

    Reply
  4. ?Legendary Bruce Lee Roy says:
    10 years ago

    “temporarily” how do you know if its “temporarily” dickhead.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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Reason to trust

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Created by industry experts and meticulously reviewed
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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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