Bitcoin is Bearish 12/10/21
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The decent trade above $41,590-605 projected this upward $4,200 minimum, $11,500 (+) maximum. We have attained $27,7350. I warned we had an area of possible corrective exhaustion to contend with at $38,655-350. We held this with a $40,085 low and bounced $29,270. The decent trade above $42,830 brought in $26,525 of higher trade. 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, which we are now $22,140 into. The decent trade below $63,285 (+15 per/hour) has brought in $16,070 of the decent pressure warned about below. The decent trade below $61,890 (+15 per/hour) has brought in $14,675 of the decent pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $12,330. The decent trade below $48,730 (+35 per/hour) warns of continued pressure. We have seen $1,385 so far, although I stopped short of suggesting leaning against it as a short. If we break back above decently, look for decent short covering to come in. This will come in at $50,560 (+35 per/hour starting at 9:00am).
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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