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Bitcoin is in a Bearish Correction or Trend 6/1/21

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. These are all OFF HOLD as we broke below the formation mentioned below. 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—this is ON HOLD.

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. The decent break below $39,135 (+70 per/hour) warned of decent pressure—we have seen $4,885 so far. Decent trade above $39,260 (-20 per/hour starting at 9:00am) will project this upward $5,500 minimum, $8,000 (+) maximum. If we break above here decently and back below decently, look for decent pressure to come in.

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.

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

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