• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
Bitcoin Price Tight Big Move On. newsbtc

Bitcoin Price Tight; Big Move On

Samuel Rae by Samuel Rae
7 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Yesterday we went into quite a bit of depth concerning our interpretation of the action in the bitcoin price so far this week. We noted that the action represented a consolidation of bullish and bearish sentiment, and that this consolidation could act as a sort of winding up before a big move. Action has now matured throughout last night’s Asian session, and we are mid way through today’s European session, and things haven’t (as yet) worked out according to our thesis. We did get a little bit of movement, and our range support (which we predefined as 375.75 in yesterday’s analysis) has been tested a few times, but our strategy has just been chopped around. As such, we haven’t been able to draw a profit from the bitcoin market overnight, and we are going to switch up our approach fro this afternoon and, beyond, in to this evenings Asian session.

To reiterate, the action we are seeing at the moment has come as a result of the fundamental uncertainty surrounding bitcoin’s viability and, in turn future. Things like this happen across all asset markets, and chance are we will be looking back thinking the whole industry overreacted by the end of this month. At that point we will probably return to the intraday volatility we are used to, and our breakout and intararange strategies will be more effective.

Today, however, and as mentioned, we’re going to switch things up. How? By tightening our levels right up and playing a pure scalp breakout strategy. Tight targets, even tighter stops, and small, sharp positions. At its core, our scalp strategy is no different to our standard breakout strategy – only the risk reward differs.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

So, with this said, let’s get to our key levels and defined today’s range. As ever, take a quick look at the chart below to get an idea of the levels in question.

Screen Shot 2016-01-20 at 13.58.59

As you can see from the chart, the levels we are watching today are in term support at 372.51 to the downside and 378.70 to the upside. The former was tested twice overnight and held firm, while the latter is a level that has been tested on numerous occasions over the last week or so, and has – just as has its support counterpart – held firm.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

We’ve got about a six dollar range to play with here, so intarrange is not really an option. Instead, we are going to focus purely on our breakout strategy with a – as mentioned- scalp target.

So, the upside first. If we get a break and a close above in term resistance it will give us an opportunity to enter a long position towards an initial upside target of 387 flat. A stop loss will define our risk, and somewhere around 376 looks attractive.

Looking the other way, if the bitcoin price closes below in term support on the intraday chart we will look to enter short towards a downside target of 368. Again this is a pretty tight target, so a tight stop is necessary. We’re looking at circa 374 on this one.

Charts courtesy of Trading View

Tags: bitcoinbitcoin analysisbitcoin pricebitcoin profitbtcusdtrade bitcoin
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Rae

Samuel Rae

Related Posts

Bitcoin $1 million

Bitcoin To $1 Million? Why Hyperinflation Is Unlikely In The US

3 hours ago
Ripple (XRP)

XRP Price Prediction: 25% Surge Could Be Just Start of A Larger Trend

6 hours ago
Ethereum

Ethereum Price Could Stage Strong Rally If It Closes Above This Resistance

7 hours ago
Bitcoin

Bitcoin Price Looks Ready For Another Leg Higher Over $28.5K

9 hours ago
XRP

The Rise Of XRP: 5 Reasons Why Its Bull Run Is Far From Over

13 hours ago
Bitcoin Proof of work

$1 Million For 1 Bitcoin Possible Says This Report, Here’s Why

16 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Why is Avorak AI Pumping? – a Guide To AI Cryptos, Fetch.ai, SingularityNET, And More

March 22, 2023

Altcoin News Roundup: Orbeon Protocol (ORBN), VeChain (VET), and Litecoin (LTC) Make Headlines

March 22, 2023

TMS Network (TMSN) Continues to Grow, Polygon (MATIC) Partners with Salesforce as Polkadot (DOT) Partners with Stellar

March 22, 2023

Why Investors and Traders Are Accumulating Shiba Inu (SHIB), Fetch.ai (FET), and TMS Network (TMSN)

March 22, 2023

The Most Exciting Cryptocurrencies Not To Miss in March, 2023: TMS Network (TMSN), Terra Classic (LUNC) and Algorand (ALGO)

March 22, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.