*6 weeks of continued bearishness, one of the longest and unattractive trends we've seen in Bitcoin. I will only scalp the market until we can develop some substantial structure on HTF.*
Daily:
Bitcoin closed bearish for the fourth day in a row. Price is continuing to drop and we could see $29,500 as the next major support level. We have failed to build a higher low and with our weekly candle closure occurring at the same time; we continue to see immense bearish pressure forcing the market lower. It is possible for Bitcoin to find support but I will not look to swing higher until we develop a new low. For the time being, it is best to scalp and trade with the current trend of the market.
Intraday:
The intraday was very bearish and we dropped about 1,800 pips over the day. We have yet to find support and have continued to drop over the last six weeks. We need to see some structure being made before looking for any scalps. Tomorrow should give us a better short-term bias.
Daily:
Bitcoin closed bearish for the fourth day in a row. Price is continuing to drop and we could see $29,500 as the next major support level. We have failed to build a higher low and with our weekly candle closure occurring at the same time; we continue to see immense bearish pressure forcing the market lower. It is possible for Bitcoin to find support but I will not look to swing higher until we develop a new low. For the time being, it is best to scalp and trade with the current trend of the market.
Intraday:
The intraday was very bearish and we dropped about 1,800 pips over the day. We have yet to find support and have continued to drop over the last six weeks. We need to see some structure being made before looking for any scalps. Tomorrow should give us a better short-term bias.
