*No need to overcomplicate the chart. We are entering a transitionary period as we move into May and we also have FED news next week. This will have a dramatic impact on Bitcoin so it's best to only look for scalps until then. Only if there is volatility to trade.*
Daily:
Bitcoin closed bearish after retesting our support turned resistance. This is a simple continuation of the current trend we are in. Bitcoin has followed the U.S. stock market’s recent bearishness and the upcoming FED news will have a significant impact on Bitcoin’s volatility and price action. Next week is very important, we still have room to continue lower so I’ll be paying close attention to the intraday structure. We could see price go as low as $36,500 and still maintain bullish structure. We should have opportunities for probable swing trades next week.
Intraday:
The intraday was bearish, there was moderate volatility as we dropped 1,500 pips in the market. It is likely we will see more bearishness throughout the weekend as we still have room to fall. Once we can build a higher low, I will look for some potential swing positions. This weekend may be more volatile than usual.
Daily:
Bitcoin closed bearish after retesting our support turned resistance. This is a simple continuation of the current trend we are in. Bitcoin has followed the U.S. stock market’s recent bearishness and the upcoming FED news will have a significant impact on Bitcoin’s volatility and price action. Next week is very important, we still have room to continue lower so I’ll be paying close attention to the intraday structure. We could see price go as low as $36,500 and still maintain bullish structure. We should have opportunities for probable swing trades next week.
Intraday:
The intraday was bearish, there was moderate volatility as we dropped 1,500 pips in the market. It is likely we will see more bearishness throughout the weekend as we still have room to fall. Once we can build a higher low, I will look for some potential swing positions. This weekend may be more volatile than usual.
