*Remaining neutral, I want to look for buys but believe price has room to drop before that happens.*
Daily:
Bitcoin closed bearish and is testing support just above $20,000. If price can maintain this level and chart bullish, I’ll look to buy the market up to $22,000. When zooming out, we can see that Bitcoin’s macro-outlook is still bearish and the market is continuing to find a level of support to move higher from. We have seen a major liquidation in the markets over the last few months but this does not mean we are finished yet. With that said, my short-term sentiment remains bullish; $22,000 is very reasonable target within the HTF price range and we have enough structure and support to continue reliving some of this bearish pressure. I hope to see $22,000 hit before the end of the week. I will pay close attention to the intraday.
Intraday:
Price traded down $1,000 today. The market was moving between a range created over the last few days and has remained between it. We should see a breakout before the end of this week coupled with increased volatility. I see bears taking over for the time being but will look for opportunities to buy the market up once price settles.
Daily:
Bitcoin closed bearish and is testing support just above $20,000. If price can maintain this level and chart bullish, I’ll look to buy the market up to $22,000. When zooming out, we can see that Bitcoin’s macro-outlook is still bearish and the market is continuing to find a level of support to move higher from. We have seen a major liquidation in the markets over the last few months but this does not mean we are finished yet. With that said, my short-term sentiment remains bullish; $22,000 is very reasonable target within the HTF price range and we have enough structure and support to continue reliving some of this bearish pressure. I hope to see $22,000 hit before the end of the week. I will pay close attention to the intraday.
Intraday:
Price traded down $1,000 today. The market was moving between a range created over the last few days and has remained between it. We should see a breakout before the end of this week coupled with increased volatility. I see bears taking over for the time being but will look for opportunities to buy the market up once price settles.