*Obviously, we are in a sharp decline at the moment. The market will have periods of high volatility and choppiness while it settles into a new range. The best plan of action is to focus on intraday scalps until we have enough structure and movement to determine a larger opportunity.*
Daily:
Bitcoin closed as a bullish hammer and has now tapped the previous ATH level of $20,000. This is obviously a dramatic drop in the market and as I said, if we could not maintain bullish price structure, we would see a sharp decline. We are in a speculative time, where price will likely remain volatile and choppy while settling into this new range. The plan of action is to wait until we see some structure and movement in the market to react from. We do not want to call any bottoms in this market, so patience will play a big role. Intraday scalps will likely provide better opportunities than swing positions during this period.
Intraday:
Price was bullish but reactionary after testing a previous ATH. The intraday was fairly consistent with some afternoon choppiness. We are currently testing resistance at $23,000.
Daily:
Bitcoin closed as a bullish hammer and has now tapped the previous ATH level of $20,000. This is obviously a dramatic drop in the market and as I said, if we could not maintain bullish price structure, we would see a sharp decline. We are in a speculative time, where price will likely remain volatile and choppy while settling into this new range. The plan of action is to wait until we see some structure and movement in the market to react from. We do not want to call any bottoms in this market, so patience will play a big role. Intraday scalps will likely provide better opportunities than swing positions during this period.
Intraday:
Price was bullish but reactionary after testing a previous ATH. The intraday was fairly consistent with some afternoon choppiness. We are currently testing resistance at $23,000.