Bitcoin Daily Outlook
*Bitcoin is closing in on $24,000. I believe the structure we make between $24,000 and $25,000, will be crucial in our next move towards liquidity. I still believe we will see large shorts and this relief is pressure is only a minor, healthy correction.*
Daily:
Bitcoin followed up yesterday’s movement with even more bullish price action today. We saw price close even stronger than yesterday, taking the title of largest daily closure for the month. This is very healthy price action, relieving the tremendous amount of bearish pressure we’ve been seeing in the market over the last few months. I believe this recovery will be short-lived and we just need to see how price creates structure around $24,000 to build a bias for shorts. I will pay close attention to our intraday structure as we could see big swings in the market with the increased volatility we’ve been seeing. I’m not looking to call a top for this momentum so we just need to wait for more price action to give us a clearer picture of the move. Intraday structure will be very key.
Intraday:
Bitcoin traded up another $2,000 dollars yesterday after a decent retracement last night. We have seen some exciting price action over the last few days and this kind of move was expected to counter all the bearishness we’ve see in the market. I am looking to short but need to see more structure before developing a firm bias.
Daily:
Bitcoin followed up yesterday’s movement with even more bullish price action today. We saw price close even stronger than yesterday, taking the title of largest daily closure for the month. This is very healthy price action, relieving the tremendous amount of bearish pressure we’ve been seeing in the market over the last few months. I believe this recovery will be short-lived and we just need to see how price creates structure around $24,000 to build a bias for shorts. I will pay close attention to our intraday structure as we could see big swings in the market with the increased volatility we’ve been seeing. I’m not looking to call a top for this momentum so we just need to wait for more price action to give us a clearer picture of the move. Intraday structure will be very key.
Intraday:
Bitcoin traded up another $2,000 dollars yesterday after a decent retracement last night. We have seen some exciting price action over the last few days and this kind of move was expected to counter all the bearishness we’ve see in the market. I am looking to short but need to see more structure before developing a firm bias.
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