Bitcoin Daily Outlook
*As you can see, BTC hit our full target and had a beautiful rejection from that level. I remain neutral in the short-term and will watch how price moves on the intraday going into tomorrow.*
Daily:
Bitcoin closed bearish and is now retracing back under $20,000. I had a bearish bias for some time but expected more structure and price action before we pushed lower. I am still neutral in the short-term and would like to see more price action before creating a firm bias. For now, we need to see some support and better structure on the intraday as the last 4 days have been very bearish. We should see some more structure being built around $20,000, though a break lower is likely to come soon as a recession is impending. We may not push any higher as we have already tested $22,000 3 times now. This could indicate that we are going to go lower and that we should begin to look for short swings from any bullish price action within this range.
Intraday:
Bitcoin was bearish and our price action hasn’t changed much over the last few days. Price traded down just over $1,000 throughout the day. We need to see more solid structure before trading on the intraday or HTF’s.
Daily:
Bitcoin closed bearish and is now retracing back under $20,000. I had a bearish bias for some time but expected more structure and price action before we pushed lower. I am still neutral in the short-term and would like to see more price action before creating a firm bias. For now, we need to see some support and better structure on the intraday as the last 4 days have been very bearish. We should see some more structure being built around $20,000, though a break lower is likely to come soon as a recession is impending. We may not push any higher as we have already tested $22,000 3 times now. This could indicate that we are going to go lower and that we should begin to look for short swings from any bullish price action within this range.
Intraday:
Bitcoin was bearish and our price action hasn’t changed much over the last few days. Price traded down just over $1,000 throughout the day. We need to see more solid structure before trading on the intraday or HTF’s.
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