Bitcoin is Bearish, but Seeing Short Covering Within 4/28/22
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. This is OFF HOLD.
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 $8,255 of pressure. The decent trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $5,475 so far. The trade below $40,805 brought in $3,140 of the pressure warned about. The trade below $38,535-190 structurally is a sign of weakness in general, but the trade back above on yesterday is bringing in some of the short covering warned about within this ($1,370).Trade above $40,765-895 will negate the bearish argument, and a decent penetration above $40,765 will project this upward $3,100.
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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