*Daily range is underdeveloped, we need more structure to build a bias. Trend is currently bearish but my bias remains neutral.*
Daily:
Bitcoin closed bearish and is ping-ponging between the local highs and lows of the current trend. We have been moving within this tight range for over a week and a break should be coming in the near future. Our current structure is too underdeveloped to safely gauge long-term direction or targets. We need to see some more movement and structure on the daily to help us determine long-term strategies. Until then, it is always best to continue scalping the market when we enter these consolidative periods. Any major recovery in stock indices will be bullish for Bitcoin and could help us develop a support level for some bullish price action. I am currently neutral in my bias.
Intraday:
The intraday was relatively slow besides some afternoon volatility. Price traded down about $1,500 over the day and closed at intraday support around the $29,000 level. It is likely we will see more downward pressure in the future but our current range will be too difficult to swing trade profitably. We need to wait for more price action and see what kind of continued structure we get on the intraday.
Daily:
Bitcoin closed bearish and is ping-ponging between the local highs and lows of the current trend. We have been moving within this tight range for over a week and a break should be coming in the near future. Our current structure is too underdeveloped to safely gauge long-term direction or targets. We need to see some more movement and structure on the daily to help us determine long-term strategies. Until then, it is always best to continue scalping the market when we enter these consolidative periods. Any major recovery in stock indices will be bullish for Bitcoin and could help us develop a support level for some bullish price action. I am currently neutral in my bias.
Intraday:
The intraday was relatively slow besides some afternoon volatility. Price traded down about $1,500 over the day and closed at intraday support around the $29,000 level. It is likely we will see more downward pressure in the future but our current range will be too difficult to swing trade profitably. We need to wait for more price action and see what kind of continued structure we get on the intraday.