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Bitcoin is Bullish Within Bearish Correction/Trend 5/24/21

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 $35,315 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, likely back down toward $55,680 (-). We have seen $29,480 of this so far. Lower levels of possible exhaustion come in at $30,575-27,160, and $17,330-12,445. We held the upper of these with a $30,205 low and rallied $10,395. These are all ON HOLD as we broke above the formation mentioned below.

On a lower timeframe basis: The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. We have attained $26,905. The decent trade below $58,080 (-10 per/hour) has brought in $27,865 of renewed pressure. The decent trade below $53,965 (+10 per/hour) projects this downward $4,300 minimum, $6,700 (+) maximum. We attained $23,750. The decent trade below $47,535 (+25 per/hour) projected this downward $3,600 minimum, $10,600 (+) maximum. We attained $17,320 before short covering off the low. These are all ON HOLD as we broke above the formation mentioned below. The decent trade above $39,725 (-125 per/hour) put this above a steep pattern that projects this upward $6,400 (+); but if we fail back below decently, look for decent pressure to come back in, and take the bear calls OFF HOLD—this will come in at $33,800 (-125 starting at 9:00am). NOTE: I would caution, that if we fail back below this line, and then take out $30,205, this will likely put this in the last stretch down and we will have key levels of possible exhaustion to contend with that come in at $29,075-26,905, $22,655-055, and $17,330—any of which could trigger a bullish correction/trend against the move down. Also, if we break below $30,205 and back above, this will likely spell an early end to the move down and could also trigger a bullish correction.

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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