Bitcoin is Bearish 12/29/21
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The 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 $23,940 of this. The decent trade below $63,285 (+15 per/hour) has brought in $17,870 of the decent pressure warned about below. These are OFF HOLD. We held exhaustion below at $45,870-385 with a $45,415 low and bounced $6,785. This is ON HOLD. I warned in the Post Market Synopsis Monday that on the day this warned of pressure—we came off $3,705, and the trade at $48,555 also warns of a continuance of that pressure. If we trade below $45,700-415, I would warn at that point we would likely be in the last stretch of this bear structure with key exhaustion just below at $44,295-3,055. A break below $45,700-415 and settle back above would also warn of an early termination to the bear structure and likely entry into a new bullish correction/trend.
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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