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Bitcoin Price Watch; Switching Things Up A Bit

Avatar Samuel Rae 3 years ago

Right then.

The middle of the week is almost upon us, and things haven’t gone great so far. We’re not down on the markets or anything – we’re actually a little bit up on our Monday balance – but things have been incredibly dull.

When we get action like this, all we can really do is sit and wait, maybe dabble with an attempt at a fundamental bias for a bit of variety. The thing is, you only really realize it when you pull out of the intraday charts a little, but despite everything that’s going on as part of the underlying framework in the bitcoin space, its flagship – price – is not really up to much. Take a look at the dailies, and you’ll basically see no action of note before the beginning of September. Sure, price spiked down mid to late month, but it recovered, and 600 ± 10 seems to be an inescapable range right now.

So, here’s what we are going to do.

We’re going to mix things up a bit. Yes, I realize we said we need to maintain our strategy rules, and we will be doing – long on a close above support, short on a close below resistance, target around $5-10 rewards and limit risk with a $2.5 stop loss.

Alongside this strategy, however, we’re going to bring a bit of binary scalp style trading into play.

Specifically, we’re going to pick a level, and trade along that level.

To get a better idea of what we mean, take a look at the chart below. Let’s say we’ve got 615 resistance, 605 support. Sounds good enough. Then we’ll use 610 as our binary level.

screen-shot-2016-10-05-at-10-49-01

If price breaks our binary level (610), we’ll get in towards the level that sits in line with the break. A break (and not a close, this is important) above 610 puts us long towards 615. A break below 610 puts us short towards 605.

Let’s see how this plays out…

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