Bitcoin Daily Outlook
*We caught 1,500 pips on longs before reversing back to our entry of $39,750. I believe we are solidifying support but I will look to buy from higher levels to make sure we see good price action first.*
Daily:
Bitcoin had a strong bearish closure engulfing our previous bullish candle on the daily. We have now retested our original swing entry level of $39,750 and I believe we are just building more sound structure to continue higher. Any substantial breaks lower will invalidate the setup and we could see a sharp decline in the market. We are also in a transitional phase in the market and volume has generally been lower than usual. Bitcoin is setting up for a large move so we need to be diligent and smart about our approach from these current levels.
Intraday:
The intraday was volatile. We returned to our previous intraday trend after a quick tap of $41,500. We are sitting at an important level of support for our current trend. I would like to enter more long positions so I hope to see good price action tonight or tomorrow morning.
Daily:
Bitcoin had a strong bearish closure engulfing our previous bullish candle on the daily. We have now retested our original swing entry level of $39,750 and I believe we are just building more sound structure to continue higher. Any substantial breaks lower will invalidate the setup and we could see a sharp decline in the market. We are also in a transitional phase in the market and volume has generally been lower than usual. Bitcoin is setting up for a large move so we need to be diligent and smart about our approach from these current levels.
Intraday:
The intraday was volatile. We returned to our previous intraday trend after a quick tap of $41,500. We are sitting at an important level of support for our current trend. I would like to enter more long positions so I hope to see good price action tonight or tomorrow morning.
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