Search

Bitcoin May be in a Large Pullback Within a Bullish Correction 9/16/22


On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend. I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $50,830 of this. The trade below $63,285 (+15 per/hour) has brought in $44,760 of the pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $41,020. We have come off $32,480 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 $27,395 of pressure. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $19,635 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, $35,000 (+) maximum. We have attained $16,305 so far. On 5/9 we also left an additional significant bearish formation above, that warned of lower trade for weeks. These are OFF HOLD. We held exhaustion below at $18,165-$7,290 with a $18,525 low and rallied $6,455. If this holds in a bullish correction/trend, it should exceed $7,200.This is ON HOLD. We held exhaustion at $25,265-495 with a $25,270 high and rolled over $5,920.On a lower timeframe basis, we may be in the last stretch from $25,270 down, with areas of possible exhaustion at $19,000-8995, $18,525-365, and lower. Decent trade above $20,149 (-17 tics per/hour starting at 6:00am) will project this upward $2,100 (+); but if we break above here decently and back below decently, look for decent pressure. Decent trade below $19,384 (+.3 per/hour starting at 6:00am) will warn of decent pressure, but I will stop short of suggesting leaning against this as a short; but if we break below here decently and back above decently, look for decent strength.


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.


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