Bitcoin is in a Lower Time Frame Bullish Correction/Trend Against the Recent Bear Move 4/26/21
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 another correction exceeding $11,000—we have seen $17,925 so far. 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 $10,470 of this so far, taking out $55,680.
On a lower timeframe basis: The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. We saw $9,725 from the open. Decent trade above $60,150 will negate this and will warn of decent strength again and likely run for the highs (+). However, on the downside we held the $47,395 exhaustion with a $47,395 low and bounced $3,835—we then rolled over and bounced off it again on GLOBEX with a $47,440 low and have bounced $11,880 into a likely lower timeframe correction against the move down from the highs. Possible exhaustion areas for the corrective move (if it is one, and not trending), come in at $53,575-4,320, $56,455-7,480, $58,595 and higher—we are trading in the midst of the lower of these as I write this. NOTE: the ideal timeframe for one of these to hold more than temporarily is not until the 28th. Decent trade above $55,735 (+10 per/hour starting at 9:00am) will warn of decent strength and likely run toward $67,000 (+). We are called $3,000 higher.
NOTE: Bitcoin MINI Futures being launched on May 3rd…
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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