Bitcoin Daily Outlook
*Short-term bias remains neutral. Price has traded into an area of speculation so id like to wait until closer to Sunday to look for a swing trade. I am leaning towards shorts next week but need to see more price action.*
Daily:
Bitcoin closed bullish for the second day in a row and has now retested a key trend-line for a third time. My short-term bias remains neutral as I’m still waiting for more structure and price action to determine which way price could move to exit out of this consolidative zone. I believe we won’t see a full breakout until at least next week. Price has now tested resistance at just under $21,000 and there are two major gaps on the Daily CME Bitcoin chart that add bullish sentiment. It is still not obvious if these gaps will get filled yet as there is substantial bearish pressure on HTF and the current state of the global economy is poor. I am leaning towards shorts and by the next weekly closure on Sunday, we should have a good picture of where price is likely to move next.
Intraday:
Bitcoin traded up about $1,200 on the day. Price is building structure and we should have another large move coming by next week. I’ll be paying close attention to intraday structure to identify new key levels.
Daily:
Bitcoin closed bullish for the second day in a row and has now retested a key trend-line for a third time. My short-term bias remains neutral as I’m still waiting for more structure and price action to determine which way price could move to exit out of this consolidative zone. I believe we won’t see a full breakout until at least next week. Price has now tested resistance at just under $21,000 and there are two major gaps on the Daily CME Bitcoin chart that add bullish sentiment. It is still not obvious if these gaps will get filled yet as there is substantial bearish pressure on HTF and the current state of the global economy is poor. I am leaning towards shorts and by the next weekly closure on Sunday, we should have a good picture of where price is likely to move next.
Intraday:
Bitcoin traded up about $1,200 on the day. Price is building structure and we should have another large move coming by next week. I’ll be paying close attention to intraday structure to identify new key levels.
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