Bitcoin Daily Outlook
*We saw a fake-out as buyers were liquidated over the last few days. It has come to my attention some people do not understand the use of wick-to-body trendlines, which are used to delineate breaks in structure which can be capitalized on when coupled with additional confluence. (Support/Resistance levels, MA, etc..) This is a great way to understand how price structure is created/violated as well as how price action is directly related to said structure in any given trend.*
Daily:
Bitcoin had another indecisive closure in an area of speculation. We closed as a bullish doji below major support at $40,500. This is a poor sign and it’s likely we will see another dip before price finds a foothold. Our next major support level is $35,500 and any breaks lower than that will keep the markets bearish for another few months. We need to see tomorrow’s closure to get a better bias on direction, since the trading week has just begun it’s best to let price develop before looking for more positions.
Intraday:
The market was very choppy and we saw a slight increase in volatility to end the weekend. Next week should be as volatile as the previous. We are currently testing our last line of support before a potential break, let’s see what happens tonight and check back tomorrow morning.
Daily:
Bitcoin had another indecisive closure in an area of speculation. We closed as a bullish doji below major support at $40,500. This is a poor sign and it’s likely we will see another dip before price finds a foothold. Our next major support level is $35,500 and any breaks lower than that will keep the markets bearish for another few months. We need to see tomorrow’s closure to get a better bias on direction, since the trading week has just begun it’s best to let price develop before looking for more positions.
Intraday:
The market was very choppy and we saw a slight increase in volatility to end the weekend. Next week should be as volatile as the previous. We are currently testing our last line of support before a potential break, let’s see what happens tonight and check back tomorrow morning.
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