*Downside target of $36,500 was hit after some choppiness and volatility in the markets. I hope to see a floor being developed within this price range. This break of our trend will allow price action and structure to shift in the market, potentially giving use clearer opportunities than what we've seen over the last two weeks.*
Daily:
Bitcoin closed bearish and has hit my original target of $36,500. There has been a lot of volatility this week and we have now officially broken out of the major ascending channel to the downside. I would like to see price recover from this level and trade back up above this trend as a sign of a potential reversal. We are building structure at a new low so I will be patient when looking for potential positions. If we do have a recovery, it would be rather strong. If not, we will likely see more consolidating at this level before retesting local resistance and continuing lower.
Intraday:
The intraday was very bearish with substantial volatility. Bitcoin dropped over 3,000 pips in about 4 hours. This was one of the largest and most volatile moves of this trend. I would like to see price recover from these levels, which would align with previous bias.
Daily:
Bitcoin closed bearish and has hit my original target of $36,500. There has been a lot of volatility this week and we have now officially broken out of the major ascending channel to the downside. I would like to see price recover from this level and trade back up above this trend as a sign of a potential reversal. We are building structure at a new low so I will be patient when looking for potential positions. If we do have a recovery, it would be rather strong. If not, we will likely see more consolidating at this level before retesting local resistance and continuing lower.
Intraday:
The intraday was very bearish with substantial volatility. Bitcoin dropped over 3,000 pips in about 4 hours. This was one of the largest and most volatile moves of this trend. I would like to see price recover from these levels, which would align with previous bias.
