Bitcoin is Bearish, but Close to Breaking Above a Bullish Pattern 1/19/22
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 $29,450 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $19,640. The break below $40,470-085 and back above has brought in short covering against this. The last possible corrective exhaustion area below comes in at $37,480-405. Decent trade above $41,850 (-23 per/hour starting at 6:00am) should bring in decent strength—this could alternatively be drawn to come in at $42,670 (-20 per/hour starting at 6:00am). If we break above either of these decently and back below decently, look for decent pressure. Trade/settlement back above $45,700-415 will warn of decent strength, likely for days.
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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