Bitcoin in macro bearish correction 5/17/21
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On a macro basis: On 4/29/20 we left a bullish reversal below that warned of renewed strength for days—we have seen $52.61 from that open at $15.37 in the (M). On 5/5/20 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08. We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16/20 we left a short-term bullish reversal below. We have seen $25.66. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). We have seen $12.81 of this so far. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We attained $9.96 before rolling over. We held exhaustion at $57.35-26 with a $57.29 low and bounced $9.47. The trade above $59.50 brought in $7.26 of strength. The trade above $61.84 brought in $4.92 of the strength. These are OFF HOLD.
On a short-term basis: We held the $66.71 exhaustion area with a $66.76 high and have rolled over $3.67 so far. We also broke below a formation at $66.04-5.94, which warned of decent pressure—we have seen $2.85. Thursday we left a short-term bearish reversal above. These are all ON HOLD. The decent break back above $64.37 (+1 tic per/hour) warns of renewed strength. We have seen $1.37. This will come in at $64.61 (+1 tic per/hour starting at 9:00am). Decent trade above $65.61 should bring in continued strength and further negate the short-term bearish reversal above. A maintained gap higher will leave a short-term bullish reversal below. 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