SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFx – “Keep it simple!” , SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers and trading conditions simple and transparent. It has been a pretty interesting week so far in the bitcoin price. Having carved out fresh highs over the weekend, price has spent the first three days of this week in decline, and overnight, reached fresh lows just ahead of 534, before correcting into today’s European open. We are about to enter a fresh European session this morning, and as we head into the day, what are the levels that we’re focusing on from our bitcoin price strategy perspective, and where will we look to get in and out of the markets on any volatility during the day? As ever, take a quick look at the chart below to get an idea of the levels on which we are focusing. It is a 15-minute candlestick chart, with a timeframe of around the last 24 hours’ worth of action. It doesn’t show the large gains over the weekend, but it does show the tail end of the decline as well as action seen across the tail end of yesterday’s session and overnight out of Asia. For the past couple of days, and in response to the sideways action seen across the sessions, we have traded a relatively tight range. Today, we are going to widen out this range and go for an intrarange strategy on the volatility we see during the session. Specifically, we’re looking at in term support at 532 to the downside, and resistance at 547 to the upside. If we see a bounce from support, we will enter long towards an initial upside target […]
