Bitcoin is Bullish but Approaching Exhaustion 8/23/21
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 a correction exceeding $11,000—we have seen $36,720 so far, but this ‘correction’ also has a trending structure to it. The decent break below $59,740-685 I said would warn of pressure to come in. We have seen $30,885 of this so far. The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. We have attained $28,310. The decent trade below $58,080 (-10 per/hour) has brought in $29,270 of renewed pressure. The decent trade below $53,965 (+10 per/hour) projects this downward $4,300 minimum, $6,700 (+) maximum. We attained $25,155. The decent trade below $47,535 (+25 per/hour) projected this downward $3,600 minimum, $10,600 (+) maximum. We attained $18,725 before short covering off the low. These are ON HOLD.
On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $21,730.I warned that holding the exhaustion area and settling back above the $30,205 low was an early warning the macro move down from the high was likely over. The decent trade back above $30,810 (-5 per/hour) has brought in $19,755 of the strength warned about above so far. The decent trade above $30,600 (-25 per/hour) has brought in $19,930 of the strength warned about above. The decent trade above $32,035 (-15 per/hour) projects this upward $3,500 (++). We have attained $18,495.The decent trade above $41,590-605 projects this upward $4,200minimum, $12,300 (+) maximum. We have attained $8,925. If we break back below decently, look for decent pressure to come in. The decent trade above $45,350 (-30 per/hour) warned of decent strength—we have seen $5,180 of this so far. If we break back below decently, look for decent pressure. I would also caution that a break back below $48,100-005 will warn of pressure. Decent trade below $45,570 (+30 per/hour starting at 9:00am) will project this downward $5,200 minimum, $8,400 (+) maximum. I would be aware we are approaching a key exhaustion area at $50,700-1,495 which we may see a decent rejection from on the way up.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas 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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