Daily:
Bitcoin closed bearish on the day. There was a very nice rejection just above $29,000 yesterday, which pushed the market upward and gave us a dragonfly doji closure. This is generally seen as a bullish sign especially on higher time frames. Until we see a break and closure on the daily under my key level ($29,500) I will remain bullish; we often see an increase in volatility that leads to choppiness before we exit a major consolidation. Higher time frame analysis still points to short-term bullish price action and Bitcoin has built a strong support level around $30,000. I will look to buy the market up from any bullish price action around $31,000. If we break lower the market will drop sharply. We are in a period of watching and waiting, once we see some volatility we can look to react to the market.
Intraday:
Price was bearish and consolidated for most of the day. We are building intraday support above $30,000 and if we see bullish price action, I’ll look to buy the market up. There should be a large moving coming soon but until we see volatility its best to stay out of the market
Bitcoin closed bearish on the day. There was a very nice rejection just above $29,000 yesterday, which pushed the market upward and gave us a dragonfly doji closure. This is generally seen as a bullish sign especially on higher time frames. Until we see a break and closure on the daily under my key level ($29,500) I will remain bullish; we often see an increase in volatility that leads to choppiness before we exit a major consolidation. Higher time frame analysis still points to short-term bullish price action and Bitcoin has built a strong support level around $30,000. I will look to buy the market up from any bullish price action around $31,000. If we break lower the market will drop sharply. We are in a period of watching and waiting, once we see some volatility we can look to react to the market.
Intraday:
Price was bearish and consolidated for most of the day. We are building intraday support above $30,000 and if we see bullish price action, I’ll look to buy the market up. There should be a large moving coming soon but until we see volatility its best to stay out of the market
