*Another strong closure towards $22,000. The market is pushing higher and todays closure was a good sign for this continuation. My macro bias remains bearish and we will soon begin to look for shorts in the next week or two.*
Daily:
Bitcoin closed bullish and is now using $20,000 as a support level. This is a good sign that we should be seeing a continuation towards $22,000 and possibly higher to take out local highs. If we see this move play out, I will then start looking for shorts around $22,000-$24,000. The market is still bearish and I believe this is only a minor relief of that pressure. This is still speculative though until we finish this move, so it is only something to keep in mind for now. Our structure looks good and I have a small running position open to our final target. From here, the best thing to do is wait for more price action and/or scalp the market.
Intraday:
The intraday was in a bullish consolidation. We grinded up towards yesterday’s previous high and are now testing that resistance level. A break above that should be enough to push us above $21,000 and possibly our final target of $22,000.
Daily:
Bitcoin closed bullish and is now using $20,000 as a support level. This is a good sign that we should be seeing a continuation towards $22,000 and possibly higher to take out local highs. If we see this move play out, I will then start looking for shorts around $22,000-$24,000. The market is still bearish and I believe this is only a minor relief of that pressure. This is still speculative though until we finish this move, so it is only something to keep in mind for now. Our structure looks good and I have a small running position open to our final target. From here, the best thing to do is wait for more price action and/or scalp the market.
Intraday:
The intraday was in a bullish consolidation. We grinded up towards yesterday’s previous high and are now testing that resistance level. A break above that should be enough to push us above $21,000 and possibly our final target of $22,000.
