Bitcoin is short-term bullish within a bearish correction, watch formation below 5/26/21
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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 a correction exceeding $11,000—we have seen $35,315 so far, but this "correction" also has a trending structure to it. Lower levels of possible exhaustion come in at $30,575-27,160, and $17,330-12,445. We held the upper of these with a $30,205 low and rallied $10,395. These are ON HOLD as we broke above the formation mentioned below.
On a lower timeframe basis: We are currently seeing some of the strength warned about on the break above $37,840 (-60 per/hour), although I did not suggest leaning against this. I would CAUTION we may see some further choppiness here for a few days. A decent break below $38,230 (+70 per/hour starting at 9:00am) will warn of decent pressure; but if we break below here decently and back above decently, look for decent short covering to come in. 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.
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