Bitcoin Daily Outlook
*Remaining neutral as we approach the Fed Event on Wednesday. We will likely see high volatility as we are approaching the end of the month/transitioning to August as well.*
Daily:
Bitcoin closed bearish today and has found its way back towards $22,000 as expected. This is a very important week for financial markets including indices, forex, and crypto. The Fed Event happens on Wednesday July 27, 2022 and that is when we will be receiving the interest rate news that will affect all the aforementioned markets. It is likely we will see a lot of volatility in these markets leading up to, during, and after a decision is made. We will probably see a change in price action and structure as we are also heading into the last week of the month and beginning to transition into August. All of this culminates to what should be a rather exciting week or two in the markets. My bias remains neutral for the time being and I am waiting to see what kind of structure is made as we approach Wednesday. I do believe that it is possible for us to continue higher and with the possible increase in volatility, we may see some big swings in price. Although my HTF bias remains bearish, I think we may see these bigger moves play out before a bearish continuation.
Intraday:
Bitcoin dropped about $1,200 on the day. I am now hoping to see price build intraday structure above $20,000 before Wednesday. This would help set us up for good swing positions moving into the second half of the trading week.
Daily:
Bitcoin closed bearish today and has found its way back towards $22,000 as expected. This is a very important week for financial markets including indices, forex, and crypto. The Fed Event happens on Wednesday July 27, 2022 and that is when we will be receiving the interest rate news that will affect all the aforementioned markets. It is likely we will see a lot of volatility in these markets leading up to, during, and after a decision is made. We will probably see a change in price action and structure as we are also heading into the last week of the month and beginning to transition into August. All of this culminates to what should be a rather exciting week or two in the markets. My bias remains neutral for the time being and I am waiting to see what kind of structure is made as we approach Wednesday. I do believe that it is possible for us to continue higher and with the possible increase in volatility, we may see some big swings in price. Although my HTF bias remains bearish, I think we may see these bigger moves play out before a bearish continuation.
Intraday:
Bitcoin dropped about $1,200 on the day. I am now hoping to see price build intraday structure above $20,000 before Wednesday. This would help set us up for good swing positions moving into the second half of the trading week.
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