Bitcoin is Bullish but Backing off Exhaustion 8/25/21
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 $21,785.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 $19,810 of the strength warned about above so far. The decent trade above $30,600 (-25 per/hour) has brought in $19,985 of the strength warned about above. The decent trade above $32,035 (-15 per/hour) projects this upward $3,500 (++). We have attained $18,550.The decent trade above $41,590-605 projects this upward $4,200minimum, $12,300 (+) maximum. We have attained $8,980. 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 $5,235 of this so far. I warned we were approaching a key exhaustion area at $50,700-1,495 which we may see a decent rejection from on the way up—we held this with a $50,585 high and rolled over $3,520 so far. Decent trade below $46,935 (+30 per/hour starting at 9:00am) will project this downward $5,200 min, $8,400 (+) max.
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.
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