bitcoin price trading illustration. newsbtc Its been a few days since we reported on our bitcoin price intraday technical analysis strategy, and while the holiday season (plus new year) has disrupted our trading a little bit, things are now back on track for a profitable 2016. Additionally, the pause in our strategy implementation has given us a chance to step back and take stock of the markets, meaning hopefully we can enter the year with a little additional clarity. So, with this said, and as we head into the mid afternoon session in Europe, what are the levels we are looking at in today’s markets, and where are we looking at getting in and out of the markets on today’s action. Let’s get back in to the swing of things, and take a look. As ever, get a quick look at the chart to get an idea of today’s range in the bitcoin price. Screen Shot 2016-01-05 at 15.13.33 As the chart shows, we are running a pretty tight ship today. Our intraday range is defined as in term resistance at 435.81 and in term support at 429.54. This gives us about six dollars’ worth of range to play with from an intrarange perspective, and around ten dollars’ worth of reward – assuming predefined risk profiles – associated with our breakout strategy. We’ve also outlined an upper, downward trending resistance channel. We broke out of this to the upside a little earlier, and so it may not be relevant going forward. However, if we get a retest of this channel this afternoon, it could reinforce support (range) and be a great bullish intrarange signal.
So, intrarange first. As mentioned, we bounced from a support and broke through channel resistance, which put us in a long entry towards in term resistance […]
