*Structure is becoming more clear, I believe we will be bullish once we create a higher lower; though we could still go as low as $36,500 before that happens. I would only take scalps for the time being.*
Daily:
Bitcoin had a small bullish recovery wiping out about 50% of the bearish price action we saw yesterday. The market has been very volatile and choppy these last few days. We need to continue to let price develop into clear structure before determining any swing positions. We are testing a level with major resistance and bullish confluence. We could see strong bullish price action after finding a floor, though we can still test $36,500 before that happens. We don’t want to predict the bottom, so it’s best to wait and scalp Bitcoin until then.
Intraday:
The intraday was bullish and we developed what looks to be a diamond bottom formation on the one hour. This is a bullish charting pattern and could lead to a short-term recovery. I expect some continued bearishness to occur so I will only look for scalps for the time being.
Daily:
Bitcoin had a small bullish recovery wiping out about 50% of the bearish price action we saw yesterday. The market has been very volatile and choppy these last few days. We need to continue to let price develop into clear structure before determining any swing positions. We are testing a level with major resistance and bullish confluence. We could see strong bullish price action after finding a floor, though we can still test $36,500 before that happens. We don’t want to predict the bottom, so it’s best to wait and scalp Bitcoin until then.
Intraday:
The intraday was bullish and we developed what looks to be a diamond bottom formation on the one hour. This is a bullish charting pattern and could lead to a short-term recovery. I expect some continued bearishness to occur so I will only look for scalps for the time being.
