Bitcoin Price Watch; Here’s What We Want To See Tonight

On our coverage of the bitcoin price earlier this morning, we noted that we were hoping to see quite a lot of volatility during the session today. When we get volatility, it gives us an opportunity to get into the markets as the key levels we set up in advance of our strategy execution get breached and – in turn – our entries get signaled. What we also like to see, however, outside of just volatility, is some momentum post-breakout. What that means is that we like to see price signal an entry but then – subsequently – continue to run in the direction of the break.

As it turns out, we did manage to get some of the type of action we were looking for. Things moved pretty fast early on and were able to jump in quickly as and when our position got signaled.

We’re about to close out the session in Europe and move into the US session this evening. With any luck, we’ll see a continuation of the action we’ve seen today, moving forward. If it doesn’t happen, it’s not too big of a deal – we can trade intrarange if we don’t see any sustained momentum – but it would be a bonus if it does.

So, let’s get our levels in place so that we can be ready if and when things move. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.

As the chart shows, the range we are looking at for the session comes in as defined by support to the downside at 7424 and resistance to the upside at 7515.

If we see a close below support, we’ll jump in short towards 7380. Conversely, a close above resistance will have us in towards 7585.

Let’s see how things play out.

Charts courtesy of Trading View

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Bitcoin Price Watch; Here Are This Morning’s Key Levels

It is early Wednesday morning in Europe and we are about to kick off our day of trading in the bitcoin price. Things have been extremely volatile over the last 24 hours against a backdrop of some fundamental inputs (we are looking at you, SegWit2X) which wasn’t unexpected, but the specific impact of the inputs in question was – until it happened – difficult to predict.

As it turns out, we saw a pretty steep decline in price early on Wednesday and, right now, price is consolidating in and around the lower quadrant of this price decline.

With any luck, as the day matures, we will see a degree of recovery and a back up towards the mid-7000s during the European session.

With this in mind, and as we move into the session today, here is a look at what we are focusing on in the bitcoin price and where we intend to try and jump in and out of the markets according to the rules of our intraday strategy. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and how price brought us to trade in and around current levels subsequent to overnight action.

The chart is a one-minute candlestick charts and it has our range overlaid in green.

As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 7162 and resistance to the upside at 7275.

We will watch out for a close above resistance to validate an upside target of 7310. A stop loss on the trade at 7265 looks good.

Looking the other way, if price closes below support, we will enter short towards a downside target of 7110.

Let’s see how things play out.

Chart courtesy of Trading View

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Bitcoin Price Watch; Here’s What’s On Tonight

The bitcoin price has been all over the place over the last few days, with the weekend range hopping around between a few hundred dollars of space just north of the 7,000 mark. If things continue like this, it’s going to get pretty tough to put together our target ranges as narrow as we normally like them, purely because of the fact that narrow ranges don’t leave an awful lot of room for stop loss placement and this serves to undermine our overarching risk management strategy.

Anyway, all we can do is play price as we see it.

So, with this all noted, let’s get some levels in place that we can use to push forward into the session this evening in an attempt to pull a profit from the market. As ever, before we get started, take a quick look at the chart below to get an idea what’s on and where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.

As the chart shows, the range we are using for the session this evening comes in as defined by support to the downside in and around 7035 and resistance to the upside at 7132. We are going to stick with our standard breakout strategy for the time being, so we will look at the following two entries as and when price dictates signals:

Our first trade will be a long entry on a close above resistance. On the position, we will target an upside target of 7180 and we will use a stop loss at 7100 to ensure we are taken out if things turn against us.

Our second trade will signal if we get a close below support. We’ll enter short towards 6980 and a stop loss at 7055 will define our losses on the position.

Charts courtesy of Trading View

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Bitcoin Price Watch; Kicking Off A Fresh Week

So we are off on a fresh day’s trading here at NewsBTC HQ with intraday action the flavor of the day. Action over the weekend maintained much of the same volatility that we saw throughout the majority of last week, with price holding a relatively steady upward trend but some pretty sharp corrections tapering the aggregate gains for the Saturday and Sunday session.

With any luck, we’ll see some similar action today. As we’ve noted on a number of occasions in the past, volatility is no problem so long as we protect our entries with a solid risk management system in place. We’ve built exactly that into our strategy, so we should be ok moving forward. It’s frustrating to get a stop loss hit on an open position but – as we always say – it’s better to be taken out for a small loss than it is to get caught on the wrong end of trend reversal against your primary bias.

So, with all this noted, let’s get to the real action. We’re going to go at price with just our breakout strategy today because things are a little too active to bring our intrarange efforts to the table. Before we get started, and as usual, take a look at the chart below to get an idea where things stand and how action to this point has gotten price to current levels. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, then, the range we are looking at for the session today comes in as defined by support to the downside at 7250 are resistance to the upside at 7334. We are going to look out for a close above resistance to validate an upside entry towards a target of 7400. Conversely, if we see a close below support, we will jump in short with a downside target of 7190.

Let’s see how things play out.

Charts courtesy of Trading View

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Bitcoin Price Watch; Here’s What We’re Targeting Right Now

In this morning’s bitcoin price watch analysis, we discussed some of the key trends we were seeing in the bitcoin price during the late session last night and into the early session this morning and opined that we would probably see some pretty substantial volatility during the session today. This was based on the idea that we had already seen a pretty substantial correction and that – as this correction matured – volume would likely be pretty heavy in both directions while price managed to find its footing.

We are now heading into the close of play in Europe and we got exactly what we were expecting.

Well, exactly what we were expecting in the sense that we couldn’t really have predicted how price would move against a backdrop of a substantial degree of volatility.

Moving forward, we’re looking for a continuation of the volatility that we saw during the session today to allow us to continue drawing a profit from the market.

So, let’s get some levels in place that we can use to do just that, if and when we get the action we are looking for. As ever, take a quick look at the chart below so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.

As the chart shows, the rage we are going to use for the session this evening comes in as defined by support to the downside at 6937 and resistance to the upside at 7189. We are going to try and enter long on a close above resistance towards a target of 7240. Looking the other way, if we see a close below support, we will jump into a short entry with an immediate downside target of 6940.

Let’s see how things play out.

Charts courtesy of Trading View

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Bitcoin Price Watch; Here’s What’s On Tonight

So that’s another day complete in our efforts to track the bitcoin price and it’s one that we won’t forget anytime soon. Things really started to move shortly after we published our first analysis this morning and – throughout pretty much the whole day – we’ve been subject to sustained momentum and some really great breakout opportunities. The hope is that, as the session matures into the late evening session tonight and beyond into the European session tomorrow morning, we can see a continuation of the volatility we’ve been seeing of late and – in turn – a continuation of the wave of profitable entries we’ve seen come our way.

So, let’s not waste any time this evening going on about how things played out today – let’s get straight to the key levels and see if we can continue to pull dollars out of the market as and when things move.

As ever, before we get started, take a quick look at the chart below so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, then, the range we are using for the session this evening is relatively tight (as compares to some of our other intraday ranges) and comes in as defined by support to the downside at 6577 and resistance to the upside at 6622.

We are going to go at things with our standard breakout strategy only, so we’ll jump in long on a close above support towards an upside target of 6650. A stop on this one somewhere around 6615 looks good.

Looking the other way, if we get a close below resistance, we’ll jump in short towards a downside target of 6530.

A stop on this second trade at 6588 works to define risk nicely.

Let’s see how things play out.

Charts courtesy of Trading View

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Bitcoin Price Watch; Here Are The Levels In Focus For The Session This Morning

Things are really starting to pick up in the bitcoin price now. We saw lots of volatility overnight and a degree of short-term consolidation but the overarching trend has been to the upside. Bullish momentum dominated the Asian session and it looks as though this domination is set to continue throughout the early European session … Continue reading Bitcoin Price Watch; Here Are The Levels In Focus For The Session This Morning

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Bitcoin Price Watch; Here’s What’s On Tonight

In this morning’s bitcoin price analysis, we noted that price had spent the night last night in a corrective phase and that this correction would serve to clear out some of the shorter term operators in the bitcoin markets. We also noted that when we see a correction like this (and, importantly, when the correction … Continue reading Bitcoin Price Watch; Here’s What’s On Tonight

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Bitcoin Price Watch; Back In The Game

Bitcoin, it seems, is back in the game. The bitcoin price was a little subdued heading into the close of play yesterday as the market took a bit of a corrective turn and traded bitcoin down to the 5200 region early evening. Heading into this morning out of Europe, things picked up a bit and … Continue reading Bitcoin Price Watch; Back In The Game

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Bitcoin Price Watch; Riding High Into The Late Session

In this morning’s analysis, we noted that the bitcoin price had run up considerably over the last 24 hours and that there was a chance we may see some degree of correction near term. We are now heading into the close of the European session (and the close of the week) and, while we haven’t … Continue reading Bitcoin Price Watch; Riding High Into The Late Session

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