So there it goes, another week down, and what an interesting week it’s been. Well, interesting maybe isn’t the right word. Perhaps frustrating is a little more apt as a description. The bitcoin price was basically flat for a few days at the beginning of the week, and we started to think that maybe there was a long stretch of sub-1000 action ahead of us. Price didn’t look like it was going to break, and volume didn’t look like it could support a break even if price decided to, and out intraday strategy was looking decidedly ineffective. We managed to get in and out on a couple of quick turnaround breakout trades. We also managed to get ourselves stopped out on a couple of occasions. We went into this morning’s session with an albeit narrow net gain on the week’s action. But that wasn’t all. We also went into it with a bitcoin price above 1,000, and looking as though it was set to stay there ahead of the weekend. That’s important from a long term sentiment perspective, and long term sentiment is – by proxy – important for near term volatility.
So, the European session has now drawn to a close, and we’re looking at the US afternoon to close out the week.
Let’s set up some levels to go at, and see if we can end the week on a high. Take a quick look at the chart below to get an idea of what’s on.
If we get a break through support, we will look for a close below that level to put us short towards 1020 flat. Conversely, a close above resistance will get us in long towards 1048.
Have a good weekend!
Charts courtesy of SimpleFX