Bitcoin Daily Outlook
*I am becoming bullish after the interest rate event and our upcoming transition to August. I believe $26,000 is a possible swing target and any healthy retracement within this daily range will serve as a good potential buy entry.*
Daily:
Bitcoin closed bullish today and just about met my expectations on how the day would go. There was interest in long positions at $21,500 but price only retraced down to $21,700 before continuing higher. My entry was never met but our bias was correct. The results of the Interest Rate Event were good and this adds bullish sentiment to the market. I believe we may be solidifying what will be a fairly solid support level around $20,000; the longer we build structure above that level, the stronger the support will be. The market is due for some pressure relief as we have been very bearish over the last few months. If we can break our recent highs, we may see price move quickly towards $27,000. I am now becoming bullish for the time being and will monitor our intraday for more opportunities to go long. Any retracement should serve as a great opportunity for buys. The market should also be exiting this major consolidation range sometime during the transition from July to August.
Intraday:
The intraday was very bullish. We had major news on interest rates that added volatility to the markets. BTC traded up over $2,000 on the day and I believe there is room to go higher. Intraday structure will be very important.
Daily:
Bitcoin closed bullish today and just about met my expectations on how the day would go. There was interest in long positions at $21,500 but price only retraced down to $21,700 before continuing higher. My entry was never met but our bias was correct. The results of the Interest Rate Event were good and this adds bullish sentiment to the market. I believe we may be solidifying what will be a fairly solid support level around $20,000; the longer we build structure above that level, the stronger the support will be. The market is due for some pressure relief as we have been very bearish over the last few months. If we can break our recent highs, we may see price move quickly towards $27,000. I am now becoming bullish for the time being and will monitor our intraday for more opportunities to go long. Any retracement should serve as a great opportunity for buys. The market should also be exiting this major consolidation range sometime during the transition from July to August.
Intraday:
The intraday was very bullish. We had major news on interest rates that added volatility to the markets. BTC traded up over $2,000 on the day and I believe there is room to go higher. Intraday structure will be very important.
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