Bitcoin Daily Outlook
*We saw a liquidation of orders as price dipped below $28,600 for the first time in 14 days. This was the bearishness I was expecting over the day though we still have not broken out of this tight daily range. The longer we stay here the stronger this support level will be, if we break higher I'll look to buy the market up to $32,000. If not, we may see another dip without a temporary recovery. I will only take a position after we break this structure.*
Daily:
Bitcoin closed as a bearish hammer and there was a lot of volatility as buyers were liquidated heavily this morning. Price dropped under $28,600 for the first time in 14 days and cleared orders placed at that level. This was the first decent move in the last two weeks but price still failed to close outside of the daily range we have been trading between. This dip was in line with the bearishness I was expecting over the day and if we can break structure and push higher, I’ll look to buy the market up to $32,000. We are still within the aforementioned daily range so another bearish move is possible. Until we have a break of structure, I will continue to stay out of the market. A break and closure under $27,750 will likely force the market even lower though a temporary market recovery of some sort is to be expected.
Intraday:
The intraday was active in the morning with a $1,500 dip in the market. This was followed up by a swift recovery and consolidation in the market. This temporary break of structure liquidated a large number of orders before returning to our daily range. I have some bullish bias and will look for buys if we can continue higher from our current level.
Daily:
Bitcoin closed as a bearish hammer and there was a lot of volatility as buyers were liquidated heavily this morning. Price dropped under $28,600 for the first time in 14 days and cleared orders placed at that level. This was the first decent move in the last two weeks but price still failed to close outside of the daily range we have been trading between. This dip was in line with the bearishness I was expecting over the day and if we can break structure and push higher, I’ll look to buy the market up to $32,000. We are still within the aforementioned daily range so another bearish move is possible. Until we have a break of structure, I will continue to stay out of the market. A break and closure under $27,750 will likely force the market even lower though a temporary market recovery of some sort is to be expected.
Intraday:
The intraday was active in the morning with a $1,500 dip in the market. This was followed up by a swift recovery and consolidation in the market. This temporary break of structure liquidated a large number of orders before returning to our daily range. I have some bullish bias and will look for buys if we can continue higher from our current level.
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