Bitcoin Daily Outlook
Daily:
Bitcoin closed bearish and it looks as though we may begin to start building structure from these levels on higher time frames. I am bullish through the med-term and will look for more buys once we build strong support. I expect more downside pressure to occur to finish the week off and we’ll need to wait for that to happen before determining high probability entries. This was our first bearish closure in 8 days, we created a wick on the daily that we could see filled by tonight or early tomorrow. Our current major support/resistance levels are still between $40,500 and $45,500. We are currently in a short swing floating around 350 pips in profit, I will monitor the intraday structure for re-entries tonight/tomorrow.
Intraday:
We remain fixed between the tight intraday consolidation levels of $48,000 and $47,000. We broke lower briefly during the day and it is likely we will see continued downside pressure tonight. Once structure is made, we can begin looking for more long positions. Possibly as soon as the weekend.
Bitcoin closed bearish and it looks as though we may begin to start building structure from these levels on higher time frames. I am bullish through the med-term and will look for more buys once we build strong support. I expect more downside pressure to occur to finish the week off and we’ll need to wait for that to happen before determining high probability entries. This was our first bearish closure in 8 days, we created a wick on the daily that we could see filled by tonight or early tomorrow. Our current major support/resistance levels are still between $40,500 and $45,500. We are currently in a short swing floating around 350 pips in profit, I will monitor the intraday structure for re-entries tonight/tomorrow.
Intraday:
We remain fixed between the tight intraday consolidation levels of $48,000 and $47,000. We broke lower briefly during the day and it is likely we will see continued downside pressure tonight. Once structure is made, we can begin looking for more long positions. Possibly as soon as the weekend.
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