Bitcoin Daily Outlook
Daily:
Bitcoin closed bearish and we saw the downside pressure we expected from yesterday. Bitcoin has now tested our major support level of $40,500 and we should see a continuation higher from here. I will look for continued structure to be made on the intraday throughout tomorrow and the weekend so that we can determine good potential entries for longs. If we break lower, we will simply have to watch and wait until new support is made on the daily. I do not believe this is likely but it is still possible and is something we should be aware of. Tomorrow is the last day of the trading week and the first day of a new monthly candle.
Intraday:
We exited the intraday consolidation range that was created this week as we dropped approximately 2,000 pips in the market. We are now building support at our major support level and I will look for trade opportunities based on the structure we develop. We may continue to range here throughout tomorrow and into the weekend.
Bitcoin closed bearish and we saw the downside pressure we expected from yesterday. Bitcoin has now tested our major support level of $40,500 and we should see a continuation higher from here. I will look for continued structure to be made on the intraday throughout tomorrow and the weekend so that we can determine good potential entries for longs. If we break lower, we will simply have to watch and wait until new support is made on the daily. I do not believe this is likely but it is still possible and is something we should be aware of. Tomorrow is the last day of the trading week and the first day of a new monthly candle.
Intraday:
We exited the intraday consolidation range that was created this week as we dropped approximately 2,000 pips in the market. We are now building support at our major support level and I will look for trade opportunities based on the structure we develop. We may continue to range here throughout tomorrow and into the weekend.
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