Bitcoin is Bearish 7/6/21
On a higher timeframe basis: We held exhaustion above at $64,735-$66,145 with a $65,520 high, which I said could roll this into a correction exceeding $11,000—we have seen $36,720 so far, but this ‘correction’ also has a trending structure to it. The decent break below $59,740-685 I said would warn of pressure to come in. We have seen $30,885 of this so far. The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. We have attained $28,310. The decent trade below $58,080 (-10 per/hour) has brought in $29,270 of renewed pressure. The decent trade below $53,965 (+10 per/hour) projects this downward $4,300 minimum, $6,700 (+) maximum. We attained $25,155. The decent trade below $47,535 (+25 per/hour) projected this downward $3,600 minimum, $10,600 (+) maximum. We attained $18,725 before short covering off the low. These are all ON HOLD.
On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $7,850. I warned that holding the exhaustion area and settling back above the $30,205 low is an early warning this move down from the high is likely over. These are now ON HOLD as well. The decent trade below $34,850 (+40 per/hour) warned of decent pressure. We have seen $2,230 of this so far. If we break back above decently, look for decent renewed strength. This will come in at $37,685 (+40 per/hour starting at 9:00am). I warned in the Post Market Synopsis on Friday that on the day this warned of short covering before (if) resuming lower trade—we saw $2,790 of this before rolling over. The decent trade above $35,015 (-20 per/hour) failed to bring in it’s upside projections, but the failure back below where it came in at $34,910 (-20 per/hour) has brought in $1,595 of the decent pressure warned about below. Decent trade below $33,810 (+20 tics per/hour starting at 9:00am) should bring in decent pressure; but if we break below here decently and back above decently, look for decent short covering to come in.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas 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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