Make Kitco Your Homepage

Bitcoin in macro bearish correction 5/12/21

Commentaries & Views

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: We held the $47,395 exhaustion with a $47,440 low and bounced $12,505. This is ON HOLD. 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. The decent trade below $58,080 (-10 per/hour) has brought in $4,485 of renewed pressure. Decent trade below $53,900 (+10 per/hour starting at 9:00am) will project this downward $2,800 minimum, $6,700 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. Today has a good likelihood of seeing range expansion. CLICK HERE FOR FULL ARTICLE. 

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

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.