Bitcoin Daily Outlook
Daily:
Bitcoin has now had seven continuous daily bullish closures as we continue to climb and reach new local highs. Until we start building structure, we could continue to see volatile pushes all the way up towards $50,000. Our new major support level is $45,500 and our next major resistance target is closer to $51,000, though $50,000 is obviously a major area of interest. I will continue to monitor our intraday price structure until we can find another high-probability entry for swings. We should see some sort of minor correction this week but we don’t want to spend our time trying to call market highs. It is best to watch from the sidelines until we see the structure we want.
Intraday:
It was a slow day with some minor spikes in price. We have spent most of our day within an intraday range between $48,000 and $47,000. We should see a break from this tight range soon and although we should wait before looking for swing positions, there is definitely opportunity for scalps that I will keep my eye out for throughout the week. I expect more volatility tomorrow.
Bitcoin has now had seven continuous daily bullish closures as we continue to climb and reach new local highs. Until we start building structure, we could continue to see volatile pushes all the way up towards $50,000. Our new major support level is $45,500 and our next major resistance target is closer to $51,000, though $50,000 is obviously a major area of interest. I will continue to monitor our intraday price structure until we can find another high-probability entry for swings. We should see some sort of minor correction this week but we don’t want to spend our time trying to call market highs. It is best to watch from the sidelines until we see the structure we want.
Intraday:
It was a slow day with some minor spikes in price. We have spent most of our day within an intraday range between $48,000 and $47,000. We should see a break from this tight range soon and although we should wait before looking for swing positions, there is definitely opportunity for scalps that I will keep my eye out for throughout the week. I expect more volatility tomorrow.
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