Bitcoin Price Watch; Grinding The Markets

Here goes another day’s worth of trading in the bitcoin price. As we said yesterday sometimes we go through extended periods of range bound nothingness in the markets. These periods can get pretty frustrating, especially when they extend beyond a one or two-day timeframe. We’ll often get the opportunity to get into the markets a couple of times here and there, and when we do, then it’s a quick easy trade. However, when this sort of action plays out, the trades are small net profit entries, and they don’t make too much difference to our bottom line. If the longer term sustained momentum entries are swings, then I guess we can call the shorter term entries grinds. We just grind away at the market, pulling little entries here and there, and taking the odd small loss as we go.

With that said, we’re not complaining. The great Bachman–Turner Overdrive once said, any love is good love.  Switch out love with profit and the same sentiment applies to our intraday trading strategy. Perhaps not as catchy, but just as valid.

So, bottom line here is that we are probably going to see much of the same today. Price doesn’t look like it’s moving anywhere anytime soon, and we’re just going to have to play the game as we see it.

With this in mind, take a look at the chart below to get an idea of what’s on, and where things stand this morning.

As the chart shows, our range for today is defined to the downside by support at 1151, and resistance to the upside at 1170.

If we see price break through resistance to the upside, we’ll be in long towards 1185. A close below support, on the other hand, will get us in short towards 1140. Stops, as ever, kill off risk on the positions.

Charts courtesy of SimpleFX