Bitcoin Daily Outlook
*I am looking at possible shorts back towards $22,000. I believe this weekends structure will be extremely important in determining key levels and price direction for the rest of the month. It is very likely we will see even more volatility as we head into August.*
Daily:
Bitcoin closed bearish today while price has simply been liquidating orders created from our new structure around $23,500. I am looking to take shorts around $23,800, though I expect some possible choppiness around that level before I’ll look to enter. The market has been trending up as we head into the final stretch of the month. I believe we could still see bears takeover before this month is over but either way, I expect even more volatility than we have already seen. I believe the structure we make this weekend will help setup the next big move. I will be paying very close attention to the intraday levels over this weekend.
Intraday:
Bitcoin dropped about $1,000 over the day before price retraced back up near our open at the close of the daily candle. Our intraday structure here will be very important as I said. This weekend may be more volatile than usual.
Daily:
Bitcoin closed bearish today while price has simply been liquidating orders created from our new structure around $23,500. I am looking to take shorts around $23,800, though I expect some possible choppiness around that level before I’ll look to enter. The market has been trending up as we head into the final stretch of the month. I believe we could still see bears takeover before this month is over but either way, I expect even more volatility than we have already seen. I believe the structure we make this weekend will help setup the next big move. I will be paying very close attention to the intraday levels over this weekend.
Intraday:
Bitcoin dropped about $1,000 over the day before price retraced back up near our open at the close of the daily candle. Our intraday structure here will be very important as I said. This weekend may be more volatile than usual.
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