Bitcoin is in a Bullish Correction
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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 $36,720 so far, but this ‘correction’ also has a trending structure to it. The decent break below $59,740-685 I said would warn of pressure to come in. We have seen $30,885 of this so far. The decent trade below $53,965 (+10 per/hour) projects this downward $4,300 minimum, $6,700 (+) maximum. 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. These are now ON HOLD.
On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $12,140. I warned that holding the exhaustion area and settling back above the $30,205 low was an early warning the macro move down from the high is likely over. The decent trade back above $30,810 (-5 per/hour) has brought in $10,130 of the short covering warned about above so far. The decent trade above $30,600 (-25 per/hour) has brought in $9,980 of the strength warned about above. The decent trade above $32,035 (-15 per/hour) projects this upward $3,500 (++). We have attained $8,905. The first major areas of possible exhaustion to monitor on the way up come in at $41,070-335 and $42,430-830 (these are both the same, wide area, which I have broken into two parts)—we came shy of the lower of these by $130 with a $40,940 high and rolled over $2,125. The failure below $40,580 brought in $1,765 of pressure. CLICK HERE FOR FULL ARTICLE.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas 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.