Bitcoin is Bearish, but Likely in Last Stretch Before Correction 4/18/22
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. The trade below $63,285 (+15 per/hour) has brought in $30,430 of the pressure warned about below. The decent trade below $61,890 (+15 per/hour) has brought in $29,035 of the pressure warned about below. 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. I also warned trade back above $36,340 would warn of higher trade—we have seen $12,135. These are ON HOLD. The decent trade below $45,920 (+23 tics per/hour) brought in $7,385 of pressure. The decent trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $4,605 so far. The trade below $40,805 brought in $2,270 of the pressure warned about. NOTE: we are likely in the last stretch of this bear structure from $48,475 down, with areas of possible exhaustion coming in at $38,545-40, $38,040-7,705, $35,845-5,305 and lower—any of which have the potential to bring in a bullish correction against the move down exceeding $3,265. Trade/settlement back above $39,190-325 will also warn of a termination of the bear structure and entry into a 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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