Bitcoin Price Watch; Profit Taken!

By July 30, 2016Bitcoin Business

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. In this morning’s bitcoin price analysis, we mixed things up a little bit, and went with a variation on our standard strategy. Specifically, we looked at a downward sloping channel range (as opposed to our horizontal usual range) and said we would look to enter towards a five-dollar target on a break above or below the channel, dependent on which way price broke. We would go for some pretty tight risk management principles, with a circa two for one reward to risk profile, and see what happens on a set and forget scalp breakout.

As it turns out, this was a rewarding approach for the session. We got a nice upside break shortly after publishing our analysis, and this upside break carried right on through to our predetermined target. We did get a bit of a stutter early on, which turned out to be a retest, but this didn’t end up affecting the trade any.

As we go into tonight’s session, we are going to revert back to our horizontal range strategy, as this gives us a nice way to get in on the action that today’s price has carved out.

The image below shows the chart for today’s session, and also has the downward channel that we outlined this morning highlighted to show the trade. As the chart shows, we are going to go at price tonight with a range defined by in term support to the downside at 658 flat, and in term resistance to the upside at 661 flat. These two levels are very close to one […]

Leave a Reply

All Today's Crypto News In One Place