Bitcoin Daily Outlook
*May look for buys tomorrow if we can see the right price action. We should have more volatility coming to end the week.*
Daily:
Bitcoin closed bearish just under the $20,000 key level. We are currently building daily structure around this level. If we see bullish price action tomorrow, I will look to buy the market up towards $22,000 to end the week. It is possible for price to dip under $20,000 one more time before moving higher and I’d expect this to happen sooner rather than later, preferably near the next daily open. There is still indecision in the market and it is possible for us to create a third leg lower around $16,000 if price fails to push higher. This is why I will wait for a bullish charting pattern or price reaction to take a buy from. I will be looking to enter around $20,500 if we do see the right opportunity in the market. My eyes will be focused on the intraday.
Intraday:
Price was bearish and also rather slow just as Monday and Tuesday were. We spent most of the day in this bearish consolidation and traded down about $1,400. I expect more volatility to end the week.
Daily:
Bitcoin closed bearish just under the $20,000 key level. We are currently building daily structure around this level. If we see bullish price action tomorrow, I will look to buy the market up towards $22,000 to end the week. It is possible for price to dip under $20,000 one more time before moving higher and I’d expect this to happen sooner rather than later, preferably near the next daily open. There is still indecision in the market and it is possible for us to create a third leg lower around $16,000 if price fails to push higher. This is why I will wait for a bullish charting pattern or price reaction to take a buy from. I will be looking to enter around $20,500 if we do see the right opportunity in the market. My eyes will be focused on the intraday.
Intraday:
Price was bearish and also rather slow just as Monday and Tuesday were. We spent most of the day in this bearish consolidation and traded down about $1,400. I expect more volatility to end the week.
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