Bitcoin is Bearish, but Seeing Short Covering Warned About Within 1/11/22
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. The decent trade below $63,285 (+15 per/hour) has brought in $23,380 of the decent pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $19,640.We have come off $10,690 from the $51,005 close. I said Thursday we took out key exhaustion at $44,295-3,055, which suggests we may see additional lower trade—we came off over $3,500 before short covering off the low. The break below $40,470-085 and back above is now bringing in some short covering against this. I warned in the Post Market Synopsis that on the day this warns of additional short covering before (if) resuming lower trade—we rallied another $1,015 before rolling over. The last possible corrective exhaustion area below comes in at $37,480-405.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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor