Analysis Bitcoin

Bitcoin Price Watch; $1,200 On The Cards?

Samuel Rae | February 24, 2017 | 5:07 pm

Bitcoin Price Watch; $1,200 On The Cards?

Samuel Rae | February 24, 2017 | 5:07 pm

So that is another week done, and it is time for the final of our analyses for the week. The bitcoin price has been relatively good to us over the last few days, and pretty unexpectedly. Especially after what the start of the week offered up in terms of playable action. Price broke through the 1100 mark during the last forty-eight hours, and has since (aside from a brief spike to the downside that we remarked upon in this morning’s analysis) held above this level.

Action today, during the European session, has brought us more of the same, and we currently trade just shy of 1200 – a level that we’ve not seen since the early year run and a level that many suggested we wouldn’t see again for some time. Bubble, they said. False run.

It seems they were wrong.

Anyway, we don’t judge here. We play action as we see it, and we’re happy to see volatility wherever it takes us. Of course, an upside run is nicer than a downside one (assuming we’re on the right side of it that is!) but we can profit from a downside entry if it comes around.

Anyway, let’s stop rambling, and put some levels together for this evening’s session. As ever, and for the final time this week, take a look at the chart below to get an idea of what’s on this evening.

As the chart shows, the range we’ve got our eye on tonight comes in at support to the downside at 1159, and resistance to the upside at 1172. Standard intraday approach for this evening – a close above resistance will put us in long towards an upside target of 1185, and a close below support will signal short towards 1150.

Stops keep risk tight, and make sure we’re out quick if price moves against us.

Have a good weekend!

Charts courtesy of SimpleFX

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