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Bitcoin is Seeing Short Covering Within Bearishness 7/14/21

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 $36,720 so far, but this ‘correction’ also has a trending structure to it. We attained $25,155. The decent trade below $47,535 (+25 per/hour) projected this downward $3,600 minimum, $10,600 (+) maximum. We attained $18,725 before short covering off the low.

On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $7,850.I warned that holding the exhaustion area and settling back above the $30,205 low is an early warning this move down from the high is likely over. These are ON HOLD. The decent trade below $34,850 (+40 per/hour) warned of decent pressure. We attained $3,335.The decent trade below $34,470 (+20 tics per/hour) has brought in$2,955 of pressure. The decent trade below $33,935 (+10 per/hour) has brought in $2,420 of additional pressure. The decent trade below $33,310 (+20 per/hour) warns of further pressure. We have seen $1,795 so far. Decent trade above $33,780 (-15 per/hour starting at 9:00am) should bring in decent strength for $2,300 (+); but if we break above here decently and back below decently, look for decent pressure. The break back above $32,040 is currently bringing in some of the intra-day short covering warned about. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range.

NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas 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.

Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor

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