Bitcoin Daily Outlook
*We are approaching potential break or buy scenario*
Daily:
Bitcoin had another strong bearish closing and we have now broken under major support at $45,500. It is likely we will retest $40,500 and we should continue to see volatile moves lower before real structure is made. I will look for potential short opportunities since we have now entered what looks to be a medium-term downtrend. We have now filled the CME-gap and we need to more price action to scope out potential swing opportunities. My eyes will be focused on the intraday.
Intraday:
The intraday was volatile as we dropped 2,000 pips in the market. We have yet to create any good structure so we need to let price develop over night to gauge new opportunities. We are in what looks to be a downtrend for the time being so I will watch for potential entries from pullbacks.
Daily:
Bitcoin had another strong bearish closing and we have now broken under major support at $45,500. It is likely we will retest $40,500 and we should continue to see volatile moves lower before real structure is made. I will look for potential short opportunities since we have now entered what looks to be a medium-term downtrend. We have now filled the CME-gap and we need to more price action to scope out potential swing opportunities. My eyes will be focused on the intraday.
Intraday:
The intraday was volatile as we dropped 2,000 pips in the market. We have yet to create any good structure so we need to let price develop over night to gauge new opportunities. We are in what looks to be a downtrend for the time being so I will watch for potential entries from pullbacks.
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