Bitcoin is in Consolidation 6/3/21
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 $38,455 (-20 per/hour starting at 9:00am) will project this upward $5,500 minimum, $8,000 (+) maximum. If we break 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.
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