Bitcoin Daily Outlook
*BTC has shown its hand, we are continuing this downtrend as most expected. This will be a choppy range, it's best to let price develop before looking for swing trades.*
Daily:
Bitcoin liquidated all orders built from our strong daily recovery yesterday. Price is approaching the lower teal (or black) trend line and I believe we will push higher after building some support at that level. We could see dips as low as $36,500 beforehand, so I will pay close attention to our structure to see the potentiality of a move like that. I will not look to jump in until we see promising price action, until then I will focus on scalps on the intraday. We have a major support level at $35,500, any lower than that and we could see an even sharper decline in the market.
Intraday:
The intraday was bearish and choppy. We saw an increase in volatility followed by a sporadic consolidation between our intraday trend levels. We are seeing an attack of the lower teal (or black) trend line and once we build better structure, I will weigh our options for potential positions.
Daily:
Bitcoin liquidated all orders built from our strong daily recovery yesterday. Price is approaching the lower teal (or black) trend line and I believe we will push higher after building some support at that level. We could see dips as low as $36,500 beforehand, so I will pay close attention to our structure to see the potentiality of a move like that. I will not look to jump in until we see promising price action, until then I will focus on scalps on the intraday. We have a major support level at $35,500, any lower than that and we could see an even sharper decline in the market.
Intraday:
The intraday was bearish and choppy. We saw an increase in volatility followed by a sporadic consolidation between our intraday trend levels. We are seeing an attack of the lower teal (or black) trend line and once we build better structure, I will weigh our options for potential positions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.