Bitcoin is in a Likely Bearish Correction 11/16/21
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. This is ON HOLD.
On a lower timeframe basis: The roll over Wednesday warns we may be headed into a bearish correction against the move up from $28,800. If this is a bearish correction, it should exceed $13,000 from the high of $69,355, which we are now $10,840 into. The decent trade below $63,285 (+15 per/hour) has brought in $4,770 of the decent pressure warned about below. The decent trade below $61,890 (+15 per/hour) has brought in $3,375 of the decent pressure warned about below; but if we break back above decently, look for decent short covering—this will come in at $62,160 (+15 per/hour starting at 6:00pm). I would be aware of possible main corrective exhaustion levels at $55,640-3,860 and $49,080-8,305.
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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