Bitcoin is Bearish 10/27/21
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $38,880. This is ON HOLD.
On a lower timeframe basis: I NOTED: The break back below $65,520 is a WARNING we may see decent pressure which could last for days/weeks. We have seen $7,665 so far. This bias will be negated with trade above $67,680. We were in a bullish correction against the move down from the highs and held exhaustion at $63,945 with a $63,865 high and rolled over $6,010 to start a new lower timeframe bearish move to the downside. I warned today will likely see range expansion—we have already exceeded yesterday’s range on GLOBEX. The decent penetration below $60,430-15 has brought in $2,560 of the decent pressure we are now looking for below. NOTE: IF this is a bearish correction against the move up from $40,085, there are areas of possible corrective exhaustion to contend with on the way down at $57,950-6,395 (which we are currently holding with a $57,855 low), $54,295-3,880, and lower. If this is a higher timeframe trending structure, these may provide only temporary support on the way down. If it is a corrective structure, one of these is not scheduled to hold more permanently until 11/1/21. Decent trade above $60,640-65 should bring in decent strength. Decent trade above $61,555 (-55 per/hour starting at 9:00am) will project this upward $4,000 (+) minimum; but if we break above here decently and back below decently, look for decent pressure.
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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