Bitcoin is Bearish, but May be in it's Final Stretch Before a Bullish Correction/Trend 12/13/21
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The decent trade back above $30,810 (-5 per/hour) has brought in $38,545 of the strength warned about above so far. The decent trade above $30,600 (-25 per/hour) has brought in $38,755 of the strength warned about above. The decent trade above $32,035 (-15 per/hour) projected this upward $3,500 (++). We have attained $37,520. The decent trade above $41,590-605 projected this upward $4,200 minimum, $11,500 (+) maximum. We have attained $27,7350. I warned we had an area of possible corrective exhaustion to contend with at $38,655-350. We held this with a $40,085 low and bounced $29,270. The decent trade above $42,830 brought in $26,525 of higher trade. 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, which we are now $22,140 into. The decent trade below $63,285 (+15 per/hour) has brought in $16,070 of the decent pressure warned about below. The decent trade below $61,890 (+15 per/hour) has brought in $14,675 of the decent pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $12,330. The decent trade below $48,730 (+35 per/hour) warned of continued pressure. We have seen $1,405 so far, although I stopped short of suggesting leaning against it as a short. I warned in the Post Market Synopsis that on the day this warned of short covering before (if) resuming lower trade—we traded $2,590 higher before rolling over. Decent trade below $47,475 (+2 per/hour starting at 11:00am) will warn of decent pressure; but I will refrain from suggesting leaning against it as a short as we have possible exhaustion below at $45,870-385, and more significantly at $44,555-3,760. If we break below $47,475 (+2 per/hour starting at 11:00am) decently and back above decently, look for decent short covering for days. (NOTE: 'decent' penetrations are specific amounts detailed to clients).
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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