ItisCalvin

Waiting for Breakout - Ranging Market

BITSTAMP:BTCUSD   Bitcoin / Dollar
109 0 1
Bitstamp has got caught in the ranging market which is what I thought it would do based on previous days watching the markets. When the breakout happens it will come within the next 12 hours at which point the BBands will confirm it. The movement will be rather quick, but use BBands to avoid any fake outs in either direction.

When we do breakout I can easily see a 50 point movement in either direction. I am leaning a little more towards upward trend, but it is a waiting game at this point. If orders for buy are setup now I would set a stop loss of no more of 3% or 635 since the movement will be quick.

It may take even longer than 12 hours to breakout in which case it gets more important to watch the news for possible breakouts. If any of these indicators remains below or above 50 for an extended time and price doesn't breakout expect it to move in that direction soon.
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