Wednesday, 26 June 2013

BTC Update - Thursday 27 June

On the back of a quiet trading day it often makes sense to take a step back and view the market from a broader perspective.

And on this Daily chart rising support and descending resistance are clearly the two dominant technical features...

Based on what we see here it is not possible to support a convicted short term bias in either direction from a technical perspective.  However, what we can say is that the closer we get to the apex of convergence, the less power either rising support or descending resistance have to provoke a decisive shift in sentiment.

As can be seen on the 4h chart, this is likely to leave us with a 20 pip trading range, centered around $100; as we've indicated with the blue shaded box.

Until we see a convicted move beyond the limits of this zone, its limits will continue to represent sound trading triggers with $100 playing the role of fulcrum.

Watch this space...