Bitcoin Daily Outlook
*One of the slowest days of the year, usually indicative of a large moving coming relatively soon. I am currently neutral in my bias.*
Daily:
Bitcoin is building short term structure on the daily and we should see a continuation towards $40,500 within the next week or so. We closed bullish today but there was very little volume in the markets. We are currently in a medium-term downtrend and I will look for short-term pullbacks to gauge possible short swings. It was a slow day and we should see more volatility tomorrow to end the trading week.
Intraday:
The intraday was slow. We consolidated throughout a new intraday range between $43,800 to $43,000. This was one of the slowest and lowest volume days we’ve had this year. Usually this is indicative of a large move coming soon. Tomorrow should give us a better idea of the potential setups for next week.
Daily:
Bitcoin is building short term structure on the daily and we should see a continuation towards $40,500 within the next week or so. We closed bullish today but there was very little volume in the markets. We are currently in a medium-term downtrend and I will look for short-term pullbacks to gauge possible short swings. It was a slow day and we should see more volatility tomorrow to end the trading week.
Intraday:
The intraday was slow. We consolidated throughout a new intraday range between $43,800 to $43,000. This was one of the slowest and lowest volume days we’ve had this year. Usually this is indicative of a large move coming soon. Tomorrow should give us a better idea of the potential setups for next week.
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