Bitcoin Price Watch; Volatility Abound! – newsBTC

Here's a look at what we are focusing on in the bitcoin price this morning.

Well we asked for erratic action, and weve got some. Price overnight was up and down like a see-saw, breaking in and out of our predefined range and giving us plenty of opportunity to get in and out of the markets on the breaks. We didnt bring our intrarange strategy to the table last night, and thats probably a good thing, because chances are we would have gotten chopped out if wed attempted to get in on an intrarange entry.

Today, were looking for more of the same. Wed like to see the bulls get a hold of the bitcoin price during the early start of the session and run up towards the 1100 region. It probably wont happen, but it would give us an indication that things are starting to reverse longer term after the couple of fundamental hits (and the risk aversion) weve seen over the last couple of weeks or so.

So, with that all out of the way, lets get some levels outlined right now with which we can go at price today, and try and draw a profit from the market on any action. As ever, take a quick look at the chart below to get an idea of whats on, and where things stand at present. Its a five-minute candlestick chart and its got our key range overlaid in green.

A close above resistance will get us in long towards an upside target of 1050. A close below support will get us in short towards 1020.

Lets see what happens

Charts courtesy of SimpleFX

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Bitcoin Price Watch; Volatility Abound! - newsBTC