Screen Shot 2016-01-14 at 15.04.20 In yesterday’s bitcoin price analysis, we were all about risk management. The action we had seen over the duration of the week left us a little jittery, and we were concerned that without tight risk management we might get caught on the wrong end of a sharp movement and, in turn, an irreparable loss. As it turned out, things went pretty well for us, and we managed to pick up a few dollars’ profit on our intrarange plays. Things weren’t as volatile as we expected, and this lack of volatility looks to have filtered through into today’s action. We are pretty much range bound, which means that things today have been pretty flat as far as getting into any positions is concerned. Having said this, oftentimes when we get this sort of sideways momentum, it is illustrative of price “winding up” for a big move. With this in mind, we still need to maintain a tight risk profile, but can perhaps be a little more aggressive with our medium to long term targets. Whatever happens, we should be able to draw a profit from this evening’s and tonight’s action so long as our levels are accurate.
So, as we head into the latter half of the European session today (Thursday), let’s take a look at where we are looking to get in and out of the markets, and try to define some risk management parameters to boot.
As ever, take a quick look at the chart to get an idea of our key levels going forward. Screen Shot 2016-01-14 at 15.04.20 As you can see from the chart, and in accordance with what we have already discussed, price has remained constrained within yesterday’s range. As such, the range that we defined in yesterday’s analysis remains the […]
