Bitcoin in an Overall Bull Trend, but also Likely in a Bearish Correction Against Move up from 4210
On a higher timeframe basis: This is in a bull market/trend, but likely in the final stretch from the move up from 4210. There are areas of possible exhaustion to be aware of at 61425-50 and 64725-6150 (we came shy of the lower of these by $200 with a 61225 high and rolled over 7750). This may be in the beginning phase of a bearish correction. Trade above 61425-50 will open up the upside for a run to the next possible exhaustion area.
On a lower timeframe basis: Decent trade above 58900 (-20 per/hour starting at 9:00am) should bring in decent strength. Decent trade below 58100 (+50 per/hour starting at 9:00am EST) should bring in decent pressure; but if we break below here decently and back above decently, look for decent short covering to come in.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Bitcoin and Energy/Gold complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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