Bitcoin is in Consolidation Within Bull Trend 4/7/21
On a higher timeframe basis: This is in an overall bull market/trend. We were in a bearish correction within that against the move up from 4210. We came 200 shy of exhaustion above at 61425-50 with a 61225 high and rolled over 10865—I thought this may have been complete, but we may now be rolling over into another macro leg of it since we couldn’t take out 61225. The trade below 57450-57155 is starting to bring in some of the pressure warned about below; but if we break back above, look for short covering to come in. Decent trade below 53186 (+15 per/hour starting at 1:00pm) will put this below a topping formation which will project this downward 8875 (++).
On a lower timeframe basis: The decent break above 54775 (+20 per/hour) brought in 6225 of the strength we were looking for above. The decent trade above 55370 (-35 per/hour) also projects this upward 5000(+). We have attained 5630 so far. The decent trade above 56890 (-20 per/hour) projects this upward 4000 minimum, 12250 (+) maximum. We have attained 4110 so far. These are all ON HOLD.
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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