Bitcoin Daily Outlook
Daily:
Bitcoin closed as an inverted bullish hammer. We are currently building structure at a break or bounce level. If we break lower it is likely we will test the lower teal trend line, if we can continue higher, we will most likely see a strong and volatile recovery. This is an important level for Bitcoin’s future overall, those breaks lower will leave us bearish for possibly a few additional months. We are still holding swing positions that are teetering on our SL. I will continue to hold until I am stopped out or we continue higher. Either way, I will watch the intraday for new opportunities based on our price action tomorrow.
Intraday:
The intraday was slow. We continue to consolidate around $39,750 without breaks from our intraday range. If we can hold support, we may continue to consolidate around these levels for another day before going higher. I will monitor the intraday for price reactions and scalp opportunities.
Bitcoin closed as an inverted bullish hammer. We are currently building structure at a break or bounce level. If we break lower it is likely we will test the lower teal trend line, if we can continue higher, we will most likely see a strong and volatile recovery. This is an important level for Bitcoin’s future overall, those breaks lower will leave us bearish for possibly a few additional months. We are still holding swing positions that are teetering on our SL. I will continue to hold until I am stopped out or we continue higher. Either way, I will watch the intraday for new opportunities based on our price action tomorrow.
Intraday:
The intraday was slow. We continue to consolidate around $39,750 without breaks from our intraday range. If we can hold support, we may continue to consolidate around these levels for another day before going higher. I will monitor the intraday for price reactions and scalp opportunities.
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