Bitcoin is Bearish, but Seeing Some Short Covering Within 12/20/21
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The trade back above $30,810 (-5 per/hour) has brought in $38,545 of the strength warned about above so far. The trade above $30,600 (-25 per/hour) has brought in $38,755 of the strength warned about above. The trade above $32,035 (-15 per/hour) projected this upward $3,500 (++). We have attained $37,520. The 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 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 $23,655 into. The trade below $63,285 (+15 per/hour) has brought in $17,585 of the pressure warned about below. The trade below $61,890 (+15 per/hour) has brought in $16,190 of the pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $13,845. These are OFF HOLD. We held exhaustion below at $45,870-385 with a $45,700 low and bounced $3,800 before rolling over and bouncing off it again with a $45,415 low. The trade below $46,920 (-10 per/hour) warned of pressure, but the trade back above $45,700 has brought in short covering against this. The line will come in at $46,350 (-10 per/hour starting at 6:00am)—decent trade above will negate the pressure bias.
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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