Bitcoin is in consolidation 5/7/21
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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 another correction exceeding $11,000—we have seen $17,925 so far before short covering off the low. 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 $10,470 of this so far, taking out $55,680 before short covering off the low.
On a lower timeframe basis: The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. Decent trade above $60,150 will negate this and warn of decent strength again. We held the $47,395 exhaustion with a $47,440 low and bounced $11,910 before rolling over. The decent trade back below $57,080 warned of renewed pressure and good possibility of another macro-bearish leg to this bearish correction starting on 4/14. We saw $4,240 of the pressure we were looking for before short covering off the low and testing near the stop above. This comes in today at $57,960 (+10 per/hour starting at 9:00am). The decent trade below $55,775 (+55 per/hour) warns of decent pressure as well based off an "ok formed" formation. We have seen $2,945 so far before short covering off the low and traveling up underneath and rolling over again from where it came in yesterday at $58,145. Decent trade above $58,830 (-10 per/hour starting at 9:00am EST) should bring in 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.
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