*We may see a flip in the market if the DXY turns bearish and we see a bullish reversal in indices. This all can add short-term bullish confluence.*
Daily:
Bitcoin closed bearish and price is currently ranging between $30,500 and $28,600. There is some buying pressure pushing price higher and I may look for a buy position over the weekend if we can see the stock indices turn bullish from their current levels. We are building decent support at the $30,000 level and a retracement of some sort is very possible after all this bearish price action. My next resistance target would be $32,000. If we fail to push higher, we could see volatile drops towards $25,500 which is the next major support level on the daily chart. I will look for potential buys over the weekend but we do face a chance of less volatility and slower markets so it’s best to only pursue the very best setups you find.
Intraday:
The intraday was bearish this morning, dropping over $2,000 in 3 hours. Bitcoin was simply following the bearish pressure of the stock indices; if the indices recover and turn bullish tomorrow then we should see Bitcoin push higher as well. I have a short-term bullish bias but heading into the weekend the markets may lose some volatility. I will still monitor for any potential buy setups and we should have a better sense of market direction by the start of next week.
Daily:
Bitcoin closed bearish and price is currently ranging between $30,500 and $28,600. There is some buying pressure pushing price higher and I may look for a buy position over the weekend if we can see the stock indices turn bullish from their current levels. We are building decent support at the $30,000 level and a retracement of some sort is very possible after all this bearish price action. My next resistance target would be $32,000. If we fail to push higher, we could see volatile drops towards $25,500 which is the next major support level on the daily chart. I will look for potential buys over the weekend but we do face a chance of less volatility and slower markets so it’s best to only pursue the very best setups you find.
Intraday:
The intraday was bearish this morning, dropping over $2,000 in 3 hours. Bitcoin was simply following the bearish pressure of the stock indices; if the indices recover and turn bullish tomorrow then we should see Bitcoin push higher as well. I have a short-term bullish bias but heading into the weekend the markets may lose some volatility. I will still monitor for any potential buy setups and we should have a better sense of market direction by the start of next week.
