Bitcoin Daily Outlook
*We needed to make sure there wasn't a fake-out on the daily, which we have seen. This bearishness can confluence a larger downtrend move. We need to see tomorrow's daily candle closure.*
Daily:
Bitcoin had a very strong bearish closure, rejecting at the fair-value (50%) of our current higher time-frame market trend. We could be seeing a fake-out as I said on yesterday’s analysis. This was an important closure and any breaks lower will send us further into a downtrend, hindering Bitcoin’s bullishness for some time. We have broken lower but still managed to respect and close above major support at $40,500. We could see a slow-down from here as we head into the weekend, the market is in another period of high speculation so it’s best to watch and wait from here.
Intraday:
There was lots of intraday volatility today with over 4,500 pips of movement. I expected more volatility which we got and we may slow down and consolidate from here throughout the weekend. Though the market will continue to be choppy through the possible consolidation. I will monitor the intraday for potential setups but from here it is best to watch and wait to see what kind of closure we get tomorrow.
Daily:
Bitcoin had a very strong bearish closure, rejecting at the fair-value (50%) of our current higher time-frame market trend. We could be seeing a fake-out as I said on yesterday’s analysis. This was an important closure and any breaks lower will send us further into a downtrend, hindering Bitcoin’s bullishness for some time. We have broken lower but still managed to respect and close above major support at $40,500. We could see a slow-down from here as we head into the weekend, the market is in another period of high speculation so it’s best to watch and wait from here.
Intraday:
There was lots of intraday volatility today with over 4,500 pips of movement. I expected more volatility which we got and we may slow down and consolidate from here throughout the weekend. Though the market will continue to be choppy through the possible consolidation. I will monitor the intraday for potential setups but from here it is best to watch and wait to see what kind of closure we get tomorrow.
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