Bitcoin Daily Outlook
*Still neutral in the short/medium term. We have had our largest daily closure of the month today.*
Daily:
Bitcoin had its strongest daily bullish closure of the month. What we are seeing in the price action is a continuation in bullish momentum. My original macro bias remains bearish but we may see a period of bullishness in the short/medium term. It’s still too early to tell and although big candles are exciting, we must wait for more confirmations before determining a directional bias. We may continue to see high volatility this week and the next as price builds structure in this range. If we continue pushing up, I will wait for new highs to be set and determine short positions based on structure around those levels. If we reverse from this break of structure and stay within the range, I will look for signs of bearishness to ride the market down from. Until we can develop a clearer bias on HTF, it is best to scalp the market between intraday ranges.
Intraday:
Bitcoin traded up over $2,000 today. This was the largest movement we’ve had in a single day all month and it could be a sign of how the rest of this week will play out. We need to see if price can maintain and build structure above our previous resistance level for continuations. If not, we may see a return back to our price range between $22,000 and $20,000.
Daily:
Bitcoin had its strongest daily bullish closure of the month. What we are seeing in the price action is a continuation in bullish momentum. My original macro bias remains bearish but we may see a period of bullishness in the short/medium term. It’s still too early to tell and although big candles are exciting, we must wait for more confirmations before determining a directional bias. We may continue to see high volatility this week and the next as price builds structure in this range. If we continue pushing up, I will wait for new highs to be set and determine short positions based on structure around those levels. If we reverse from this break of structure and stay within the range, I will look for signs of bearishness to ride the market down from. Until we can develop a clearer bias on HTF, it is best to scalp the market between intraday ranges.
Intraday:
Bitcoin traded up over $2,000 today. This was the largest movement we’ve had in a single day all month and it could be a sign of how the rest of this week will play out. We need to see if price can maintain and build structure above our previous resistance level for continuations. If not, we may see a return back to our price range between $22,000 and $20,000.
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