Bitcoin Daily Outlook
Daily:
Bitcoin closed bullish once again but we essentially ended the day where we started it. We could be seeing a slowdown and a possible downside correction coming this week but tomorrow will give us a better understanding of the potentiality of that move. We do not want to be calling market tops so until we actually see some bearish price action it is best to stay out of the markets. I will look for scalp trades on the intraday and continue to wait for structure on the daily before looking at swings. We are currently on our 8th bullish day in a row which is very substantial and our price action is hinting at more bullishness to come in the medium-term.
Intraday:
We continued to stay within the intraday range between $48,000 and $47,000. We will see an exit from this intraday consolidation before the end of the day tomorrow. That price structure will help us determine where to look for new positions in the market. I will be keeping my eye on the intraday chart tomorrow.
Bitcoin closed bullish once again but we essentially ended the day where we started it. We could be seeing a slowdown and a possible downside correction coming this week but tomorrow will give us a better understanding of the potentiality of that move. We do not want to be calling market tops so until we actually see some bearish price action it is best to stay out of the markets. I will look for scalp trades on the intraday and continue to wait for structure on the daily before looking at swings. We are currently on our 8th bullish day in a row which is very substantial and our price action is hinting at more bullishness to come in the medium-term.
Intraday:
We continued to stay within the intraday range between $48,000 and $47,000. We will see an exit from this intraday consolidation before the end of the day tomorrow. That price structure will help us determine where to look for new positions in the market. I will be keeping my eye on the intraday chart tomorrow.
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