Bitcoin Daily Outlook

Daily:
Bitcoin closed as a bearish hammer after testing our major support level of $40,500. We should see continued upside pressure from here towards $43,000 and I expect more volatility as we progress through the week. Our next major resistance level is $45,500 and unless we close under $40,500 on the daily that will be my next major target. It was a relatively slow day and we already have positive positions in the market. I will continue to monitor the intraday closely throughout tonight and tomorrow morning.

Intraday:
We saw mild volatility throughout the day as we traded between $41,500 and $40,500. We have yet to break this micro trend though I do expect an exit sometime tonight. This is a relatively tight range and I don’t expect us to spend much time here. Above $41,500 we should see more bullishness with increased volatility. Tomorrow should be more substantial.