Bitcoin Daily Outlook
Daily:
Bitcoin closed as a bearish hammer. We are currently building structure on the daily from major support at $40,500. It is the weekend so we should continue to see this structure being built into tomorrow night. After that, we can begin to look for swing positions on the intraday. There is a bearish CME-gap that was wick filled on the daily, this could be a confluence of bearishness which is why I’ll wait for more price action before looking for swing trades. Our next major target is $50,000 and we should see that move come quick if and when we break above our recent highs.
Intraday:
The intraday was relatively volatile and we saw about a 1,200 pip drop in the market. We will likely continue to build structure from these levels until late Sunday night. I will start looking for swing positions for the week tomorrow.
Bitcoin closed as a bearish hammer. We are currently building structure on the daily from major support at $40,500. It is the weekend so we should continue to see this structure being built into tomorrow night. After that, we can begin to look for swing positions on the intraday. There is a bearish CME-gap that was wick filled on the daily, this could be a confluence of bearishness which is why I’ll wait for more price action before looking for swing trades. Our next major target is $50,000 and we should see that move come quick if and when we break above our recent highs.
Intraday:
The intraday was relatively volatile and we saw about a 1,200 pip drop in the market. We will likely continue to build structure from these levels until late Sunday night. I will start looking for swing positions for the week tomorrow.
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