Bitcoin Daily Outlook
*We had another strong bearish closing, I will watch price reactions from our original buy level of $39,750. If we can build more bullish structure I'll look to buy again.*
Daily:
Bitcoin had a strong bearish closure today. We have now retested support at our entry of $39,750. We are continuing to build structure at these levels and this week is very important in dictating direction for the medium-term. If we can hold support at these levels, we should see a strong bullish move towards $42,000. If this happens, I have targets set as high as $46,000. Our weekly closure was bearish for the third week in a row and we closed at the same entry level. I am going to watch what happens tonight and look for potential setups tomorrow, this can be a difficult level to trade from.
Intraday:
We had decent volatility for a week day. Price is ranging from $39,760 to $40,500 as we continue to build structure. This is a make a break week so we need to see some bullish price action relatively soon or price will likely drop. I’ll pay close attention to our price action today and tomorrow.
Daily:
Bitcoin had a strong bearish closure today. We have now retested support at our entry of $39,750. We are continuing to build structure at these levels and this week is very important in dictating direction for the medium-term. If we can hold support at these levels, we should see a strong bullish move towards $42,000. If this happens, I have targets set as high as $46,000. Our weekly closure was bearish for the third week in a row and we closed at the same entry level. I am going to watch what happens tonight and look for potential setups tomorrow, this can be a difficult level to trade from.
Intraday:
We had decent volatility for a week day. Price is ranging from $39,760 to $40,500 as we continue to build structure. This is a make a break week so we need to see some bullish price action relatively soon or price will likely drop. I’ll pay close attention to our price action today and tomorrow.
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