Bitcoin is in Consolidation Between Formations 6/9/22
On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend against the move up from $28,800.I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $44,005 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $34,195.We have come off $25,655 from the $51,005 close.
These are ON HOLD.
On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $20,570 of pressure. The decent trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $17,790 so far. The failure back below $40,895 brought in $15,545 of the renewed weakness we were looking for. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $12,810 of a $2,000 minimum, $12,000 (+) maximum. The decent trade below $34,830 (+1 tic per/hour) put this below a significant bearish formation that projects this downward $13,000 minimum, $36,000 (+) maximum. We have attained $9,480 so far. On 5/9 we also left an additional significant bearish formation above, that warned of lower trade for weeks. These are ON HOLD. We held the $25,920-15 exhaustion area with a $25,350 low and rallied $7,105 within the bearishness. This is ON HOLD as well. Decent trade below $29,905 (+9 tics per/hour starting at 6:00am) will project this downward $1,975 minimum; but if we break below here decently and back above decently, look for decent short covering. Decent trade above $31,215 (-8 tics per/hour starting at 6:00am) will project this upward $1,700 minimum; but if we break above here decently and back below decently, look for decent pressure.
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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