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Bitcoin is bearish 7/12/21

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 a correction exceeding $11,000—we have seen $36,720 so far, but this "correction' also has a trending structure to it. We attained $25,155. The decent trade below $47,535 (+25 per/hour) projected this downward $3,600 minimum, $10,600 (+) maximum. We attained $18,725 before short covering off the low.

On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $7,850. I warned that holding the exhaustion area and settling back above the $30,205 low is an early warning this move down from the high is likely over. These are now ON HOLD as well. The decent trade below $34,850 (+40 per/hour) warned of decent pressure. We attained $2,810. Decent trade above $34,320 (-15 per/hour starting at 9:00am) should bring in decent strength; but if we break above here decently and back below decently, look for decent pressure to come in. Decent trade below $33,170 (+20 per/hour) will warn of pressure; but if we break below here decently and back above decently, look for decent short covering to come in. I warned on Friday today has a good likelihood of seeing range expansion—we have already exceeded Friday's range.  CLICK HERE FOR FULL ARTICLE. 

NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin 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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