Bitcoin / US Dollar, 60m chart, MtGox

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
159 0 1
Breakout Trade

BTCUSD             on MtGox has been stuck in a trading range USD 860 - 980 since yesterday. In other words, the price of bitcoin             is consolidating with little conviction being shown by buyers or sellers. This narrow trading range is accompanied by low volumes, declining volatility and RSI is also consolidating in a wedge pattern. Both the price and RSI patterns will resolve with a break out either up or down.

To capture the eventual breakout, I will place orders around the trading range: a buy order at 995 with a stop at 930 and a sell order at 845 with a stop at 910. You need to be aware that if a breakout fails in either direction, one or both orders could get executed and stopped out. So small position size is called for because of this risk. You can always add to winning positions later.
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