Bitcoin Daily Outlook
*Better structure is being created, this week should be volatile and it looks like we are forming a descending channel on the intraday.*
Daily:
Bitcoin closed as a bearish hammer today and we are forming a minor descending channel on the intraday. We had a weekly closure tonight as well, which was a strong bullish closure dropping about 5,000 pips last week. This is a large correction but we are still building higher lows so our structure is sound. I said last week that this bearishness might bring us down towards $41,000-$40,500 and I still believe that is possible. I will continue to look for short swings from any major pullbacks next week.\
Intraday:
The intraday was volatile. We spent the first half of the day in an extremely tight consolidation (<1,000 pips) before seeing major volatility in the second half. We shot up 1,200 pips taking out short sellers and triggering buys before slamming down about 2,000 pips in 3 hours. I expect even more volatility this coming week as we continue building structure. Once we see some promising price action, I will begin to look for buys. This won’t be likely to happen until after we test $41,000 or lower.
Daily:
Bitcoin closed as a bearish hammer today and we are forming a minor descending channel on the intraday. We had a weekly closure tonight as well, which was a strong bullish closure dropping about 5,000 pips last week. This is a large correction but we are still building higher lows so our structure is sound. I said last week that this bearishness might bring us down towards $41,000-$40,500 and I still believe that is possible. I will continue to look for short swings from any major pullbacks next week.\
Intraday:
The intraday was volatile. We spent the first half of the day in an extremely tight consolidation (<1,000 pips) before seeing major volatility in the second half. We shot up 1,200 pips taking out short sellers and triggering buys before slamming down about 2,000 pips in 3 hours. I expect even more volatility this coming week as we continue building structure. Once we see some promising price action, I will begin to look for buys. This won’t be likely to happen until after we test $41,000 or lower.
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