Bitcoin Daily Outlook
*Our overall trend and position has been spot on since last week*
Daily:
Bitcoin had a strong bullish closure on the daily and we have finally broken above $45,500. This has been a zone of interest for over a month and the price action we have seen is extremely promising. We have bottomed out for the time being and are now nearing a shift in market sentiment. Bulls will take control if we can maintain these levels and that is why this next week is very important. If we can build structure and stay above $45,500, we will see more liquidity in the markets and should see faster moves towards $50,000 and higher. We need to wait for another weekly closure to rule out any fake-outs. I will be paying close attention to the intraday chart.
Intraday:
There was massive volatility today. Bitcoin shot up 1,500 pips in under 15 minutes and has now traded above our major resistance level. Price will be very volatile to start the week and we’ll need more structure to find another trade. I will pay close attention to our movement tomorrow.
Daily:
Bitcoin had a strong bullish closure on the daily and we have finally broken above $45,500. This has been a zone of interest for over a month and the price action we have seen is extremely promising. We have bottomed out for the time being and are now nearing a shift in market sentiment. Bulls will take control if we can maintain these levels and that is why this next week is very important. If we can build structure and stay above $45,500, we will see more liquidity in the markets and should see faster moves towards $50,000 and higher. We need to wait for another weekly closure to rule out any fake-outs. I will be paying close attention to the intraday chart.
Intraday:
There was massive volatility today. Bitcoin shot up 1,500 pips in under 15 minutes and has now traded above our major resistance level. Price will be very volatile to start the week and we’ll need more structure to find another trade. I will pay close attention to our movement tomorrow.
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