Bitcoin Price Watch; Finally Some Intraday Volatility?

By July 12, 2016Bitcoin Business
Click here to view original web page at www.newsbtc.com
Screen Shot 2016-07-12 at 10.52.12
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’s taken us a little longer than expected, but we’ve finally got some decent momentum in the bitcoin price. In yesterday’s analysis we highlighted the fact that – despite the fundamentals suggesting we might see some action – price had stayed relatively flat across the last week or so. This isn’t necessarily a bad thing, but it doesn’t make for particularly interesting intraday trading. Well, last night, price finally broke through resistance and we managed to get in and out for a quick scalp profit. It looks as though we may be correcting on the return side now, but with any luck, it’s a sign that the European session has something to give today.

So, as we head into a fresh session out of Europe, and as volume picks up on the mid week push, here’s a look at how we intend to approach today’s markets.

As ever, take a quick look at the candlestick chart below to get an idea of our key levels. It’s a five minute time frame (we are favoring these as late, compared to the standard fifteen minute) and it has our price parameters overlaid in green.

Screen Shot 2016-07-12 at 10.52.12

So, as the chart shows, the levels we are focusing on for today’s breakout and intrarange strategies are in term support to the downside at 644 and in term resistance to the upside at 651. The latter represents overnight highs, while the former is a recent swing low.

If price breaks through resistance to the upside, we will be looking to get in to a long trade towards an initial upside target of 660 flat. A stop loss on this one somewhere in the region of current price – say, around 648 – defines risk nicely.

To the downside, a close below support signals short towards 635. A stop at 647 works well on this one.

Charts courtesy of SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Samuel is a currency trader, author and contributor to a number of the leading forex market publications including Futures Magazine, FX Trader Magazine and Spreadbet Magazine. He is a an avid bitcoin enthusiast with a real interest in how cryptocurrencies are likely to affect global economics in the future. View all posts by Samuel Rae

So, as we head into a fresh session out of Europe, and as volume picks up on the mid week push, here’s a look at how we intend to approach today’s markets.

As ever, take a quick look at the candlestick chart below to get an idea of our key levels. It’s a five minute time frame (we are favoring these as late, compared to the standard fifteen minute) and it has our price parameters overlaid in green. So, as the chart shows, the levels we are focusing on for today’s breakout and intrarange strategies are in term support to the downside at 644 and in term resistance to the upside at 651. The latter represents overnight highs, while the former is a recent swing low.

If price breaks through resistance to the upside, we will be looking to get in to a long trade towards […]

Leave a Reply

All Today's Crypto News In One Place