Bitcoin Daily Outlook
Daily:
Bitcoin closed as a bearish doji after trading over our major support level of $40,500. This is completely normal as Bitcoin starts to build structure at these levels. Our next resistance target is $45,500 and a bullish U.S. stock market will help push price higher. I expect to see more volatility throughout the weekend and early next week. Any pullbacks from our current levels could serve as good buys for swing positions as I do expect more upside pressure from our current levels. If we do happen to break lower, we will return to an area of high speculation and volatility as we bounce around resistance/support levels within our major wedge consolidation. I will be paying close attention to the intraday chart until the end of day Friday.
Intraday:
Bitcoin spent the day in a consolidation above $40,500 support. We are currently trading between tight intraday levels from $41,300 to $40,500. I expect a break from this intraday range before the weekend. Any breaks higher will take us out of our major wedge consolidation which could lead to more volatility in the markets. I will watch the intraday for scalping opportunities.
Bitcoin closed as a bearish doji after trading over our major support level of $40,500. This is completely normal as Bitcoin starts to build structure at these levels. Our next resistance target is $45,500 and a bullish U.S. stock market will help push price higher. I expect to see more volatility throughout the weekend and early next week. Any pullbacks from our current levels could serve as good buys for swing positions as I do expect more upside pressure from our current levels. If we do happen to break lower, we will return to an area of high speculation and volatility as we bounce around resistance/support levels within our major wedge consolidation. I will be paying close attention to the intraday chart until the end of day Friday.
Intraday:
Bitcoin spent the day in a consolidation above $40,500 support. We are currently trading between tight intraday levels from $41,300 to $40,500. I expect a break from this intraday range before the weekend. Any breaks higher will take us out of our major wedge consolidation which could lead to more volatility in the markets. I will watch the intraday for scalping opportunities.
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