Bitcoin in Bearish Trend, but May be in Last Stretch 6/28/22
On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend against the move up from $28,800.I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $49,755 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $39,945. We have come off $31,405 from the $51,005 close.
On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $26,320 of pressure. The decent trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $23,540 so far. The failure back below $40,895 brought in $21,295 of the renewed weakness we were looking for. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $18,560 of a $2,000 minimum, $12,000 (+) maximum. The decent trade below $34,830 (+1 tic per/hour) put this below a significant bearish formation that projects this downward $13,000 minimum, $36,000 (+) maximum. We have attained $15,230 so far. On 5/9 we also left an additional significant bearish formation above, that warned of lower trade for weeks—we have been coming off for 8 weeks so far. The decent trade below $30,115 (+9 tics per/hour) projects this downward $1,975 minimum. We have attained $10,515 of this so far. The decent trade below $27,275 (-10 tics per/hour) warned of additional pressure—we have seen $7,675 so far. However, I would caution that we are likely in the last stretch of the structure from $48,475 down, and I would be monitoring possible exhaustion areas below. The decent trade above 20605 (-13 tics per/hour) put this above a minor formation that may bring in strength within the bearishness mentioned above, although I did not suggest leaning against this. If we break back below where this comes in at 20270 (-13 tics per/hour starting at 6:00am) decently, look for decent pressure. Settlement back above $25,350 will also warn of a termination of the bear structure down.
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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor