Bitcoin in Consolidation 4/30/21
On a higher timeframe basis: We held exhaustion above at $64,735-$66,145 with a $65,520 high, which I said could roll this into another correction exceeding $11,000—we have seen $17,925 so far. The decent break below $59,740-685 I said would warn of pressure to come in, likely back down toward $55,680 (-). We have seen $10,470 of this so far, taking out $55,680. These are ON HOLD.
On a lower timeframe basis: The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. Decent trade above $60,150 will negate this and will warn of decent strength again and likely run for the highs (+). However, on the downside we held the $47,395 exhaustion with a $47,395 low and bounced $3,805, rolled over and held it again with a $47,440 low and have bounced $9,060 before rejecting off of the exhaustion area at $56,450-7,480 with a $56,500 high for $4,165 so far. Decent trade above $56,725 (+10 tics per/hour starting at 9:00am) should bring in decent renewed strength and a likely run for the highs (+)—however, this is based off an ‘ok formed’ formation, so you may use less volume.
NOTE: Bitcoin MINI Futures being launched on May 3rd…
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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