Action has been a bit choppy in the bitcoin price over the last few days, but it hasn't stopped us drawing a profit from the market. Here's what we are looking at in today's European markets and beyond.
Yesterday afternoon, our bitcoin price watch article highlighted a bunch of key levels, and in the article, we were able to define a classical pattern that suggested – from a technical perspective, at least – we were set for a continuation of the downside break we saw a little earlier in the day. A look at the action that succeeded our analysis shows a mixed response to our predictions. We did get a break below the upwards sloping triangle that we had highlighted as the pattern to watch, but the bitcoin price failed to reach our downside target of in term support. We got within a couple of dollars of taking out the trade for a profit, but reversed within an hour and returned to some corrective strength. For the longer term holder, of course, strength such as this is welcome. For us, and with specific reference to our short entry, it wasn’t so great. Price took out our stop mid-yesterday evening, and action chopped about following our loss. A sliver lining of this choppy action is that it has given us plenty of levels to play with today, and as we write this analysis, we are approaching one such level. Of we can get a break, it will signal an entry, so let’s get to it before the break comes! As ever, take a quick look at the chart to get an idea of what we are looking at.
http://www.newsbtc.com/2016/01/12/bitcoin-price-watch-live-trade-on-2/
