Bitcoin is Bearish 1/7/22
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The trade above $41,590-605 projected this upward $4,200 minimum, $11,500 (+) maximum. We have attained $27,7350. These are ON HOLD.
On a lower timeframe basis: The roll over on 11/10 put this into a bearish correction against the move up from $28,800. I warned it should exceed $13,000 from the high of $69,355—we have seen $27,900 of this. The decent trade below $63,285 (+15 per/hour) has brought in $21,830 of the decent pressure warned about below. The decent trade below $61,890(+15 per/hour) has brought in $20,435 of the decent pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $18,090.We have come off $9,140 from the $51,005 close. I said yesterday we took out key exhaustion at $44,295-3,055, which suggests we may see additional lower trade--we have come off since. The last possible corrective exhaustion area comes in at $37,480-405.Trade/settlement back above $45,700-415 will warn of decent strength, likely for days. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range.
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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