Bitcoin Daily Outlook
*Neutral on my position until we see more structure being made. Breaks below recent lows will make me bearish on HTF.*
Daily:
Bitcoin had a massive bearish closure and slowed the momentum we were building. Our swing trade captured 1,900 of the 2,700 pips expected before reversing. We closed below $40,500 and could see more bearish pressure from here. There is still a CME-gap on the daily that needs filling and that adds valid confluence. If we can trade back up towards $40,500, I will look for more long positions as I still carry bullish sentiment. If we break lower, I will let structure be made so we can look for more positions.
Intraday:
The intraday was volatile and we saw a large dip in the market. We dropped approximately 3,000 pips from $47,100. We are in an area of high volatility so I will wait for more price action before considering another bullish swing position. I will keep a close eye on the intraday chart tonight and tomorrow morning.
Daily:
Bitcoin had a massive bearish closure and slowed the momentum we were building. Our swing trade captured 1,900 of the 2,700 pips expected before reversing. We closed below $40,500 and could see more bearish pressure from here. There is still a CME-gap on the daily that needs filling and that adds valid confluence. If we can trade back up towards $40,500, I will look for more long positions as I still carry bullish sentiment. If we break lower, I will let structure be made so we can look for more positions.
Intraday:
The intraday was volatile and we saw a large dip in the market. We dropped approximately 3,000 pips from $47,100. We are in an area of high volatility so I will wait for more price action before considering another bullish swing position. I will keep a close eye on the intraday chart tonight and tomorrow morning.
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