Bitcoin is Bearish Despite Trading Higher 5/5/21
On a higher timeframe basis: We held exhaustion above at $64,735-$66,145 with a $65,520 high, which I said could roll this into another correction exceeding $11,000—we have seen $17,925 so far. The decent break below $59,740-685 I said would warn of pressure to come in, likely back down toward $55,680 (-). We have seen $10,470 of this so far, taking out $55,680.
On a lower timeframe basis: The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. Decent trade above $60,150 will negate this and warn of decent strength again. We held the $47,395 exhaustion with a $47,440 low and bounced $11,910 before rolling over. The decent trade back below $57,080—now warns of renewed pressure and good possibility of another macro-bearish leg to this bearish correction starting on 4/14. We have seen $4,240 of the pressure we are now looking for. The decent trade below $55,775 (+55 per/hour) warns of decent pressure as well based off an ‘ok formed’ formation. We have seen $2,945 so far. If we break back above decently, look for decent strength to come in. This will come in at $56,910 (+55 tics per/hour starting at 9:00am EST).
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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