Bitcoin in Macro Bearish Correction 5/12/21
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 before short covering off the low. 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 before short covering off the low.
On a lower timeframe basis: We held the $47,395 exhaustion with a $47,440 low and bounced $12,505. This is ON HOLD. 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 warn of decent strength again. The decent trade below $58,080 (-10 per/hour) has brought in $4,485 of renewed pressure. Decent trade below $53,900 (+10 per/hour starting at 9:00am) will project this downward $2,800 minimum, $6,700 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. Today has a good likelihood of seeing range expansion.
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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