Bitcoin is Bearish 5/6/22
On a higher timeframe basis: The roll over on 11/10 put this into a bearish correction/trend against the move up from $28,800. I warned it should exceed $13,000 from the high of $69,355—we have seen $36,500 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $26,690. We have come off $18,150 from the $51,005 close.
On a lower timeframe basis: We held extension exhaustion at $34,550-355 with a $34,295 low and rallied $14,180.This is ON HOLD. The decent trade below $45,920 (+23 tics per/hour) brought in $10,400 of pressure. The decent trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $7,620 so far. The failure back below $40,895 brought in $5,375 of the renewed weakness we were looking for. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $2,640 of a $2,000 minimum, $12,000 (+) maximum. A few CAUTIONS for the downside: 1.) Decent trade above $36,525 (-7 tics per/hour starting at 4:00am) will warn of decent short covering, possibly for days. 2.) Decent trade below $34,815 (+1 tic per/hour starting at 4:00am) will put this below a significant bearish formation that will project this downward $13,000 minimum, $36,000 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in, which will likely be substantial.
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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