Bitcoin Price Rockets, Corrects; Now What?

Yesterday afternoon, shortly after the European session closed, we published a piece outlining the day’s action in the bitcoin price on an intraday basis. The piece highlighted the possibility of some bullish momentum as we headed into the US afternoon, and slated 274-275 as an initial upside target. A quick look at the chart of action since this piece was published vindicates the bias, with price racing out of the confines of a downward sloping channel shortly after 9 PM GMT and jumping through our target to trade just ahead of 280 flat.
Action since this rise has seen the bitcoin price correct somewhat, and we are now trading within the confines of a downward sloping trendline and the upper trendline of the aforementioned channel from which we broke yesterday evening. What does the day hold for the bitcoin price as we head into the European open? Take a look at the chart.

This post was published at NewsBTC on Mar 6, 2015.