ChartAddicts

Bitcoin Daily Outlook

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
*$22,000 is a likely target, I was hoping to see a dip under yesterday's low before the bullish price action we saw today.*

Daily:
Bitcoin closed bullish today and recovered from all the bearish movement from the previous day. We are closing in on $22,000 and I was hoping to see a bearish liquidity grab before moving higher today; this would have given us a nice opportunity for a risk-free entry. If price can hold these levels and we see bullish structure on the intraday, I will once again look for buy entries to ride the market up to $22,000. If we see another dip, we will have to see the price action to determine if there are any potential reversals occurring around $19,000. Bitcoin is still working on finding a floor and we will see periods of high volatility as it continues to do that. Our overall daily structure looks good and if we can hit $22,000, we may have a potential for higher targets. For now, price is testing resistance at $21,000 and we will have to see how it moves overnight.

Intraday:
Price traded up $1,400 today. This is a good sign of daily support being built here and I think it is likely we will see $22,000 hit once again. If price drops tomorrow, I will look to buy the market back up from $19,000 or higher. Any breaks lower would be sharp again and could push us down towards $16,000.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.