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Bitcoin keeps finding extremes on the 4pm London FX fix

Yesterday the break below 37k in Bitcoin eventually delivered a fall to as low as 36,733. That low came right on the 4pm London FX fix. So, the reader is again reminded of the importance of that particular time, when it comes to establishing intraday extremes in either direction for BTC. This is something that has been mentioned here copious times before, but needs to be highlighted again because it is important when understanding the price action and how that might help you in your trading decisions. The rebound that has followed is not at all conclusive and has stalled short of 37,500. Besides it is backing off again now and currently trading just above 37k. The failure of Bitcoin to rebound at all yesterday was noted here, as was the potential for the prior rise above 38k to constitute a false break 
 

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