Bitcoin Daily Outlook

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.*

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.

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.

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