Contributed Commentaries
Bitcoin is bearish, but seeing short covering warned about within 1/11/22
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The trade above $41,590-605 projected this upward $4,200 minimum, $11,500 (+) maximum. We have attained $27,7350. These are ON HOLD.
On a lower timeframe basis: The roll over on 11/10 put this into a bearish correction against the move up from $28,800. I warned it should exceed $13,000 from the high of $69,355—we have seen $29,450 of this. I said Thursday we took out key exhaustion at $44,295-3,055, which suggests we may see additional lower trade—we came off over $3,500 before short covering off the low. The break below $40,470-085 and back above is now bringing in some short covering against this. I warned in the Post Market Synopsis that on the day this warns of additional short covering before (if) resuming lower trade—we rallied another $1,015 before rolling over. The last possible corrective exhaustion area below comes in at $37,480-405.Trade/settlement back above $45,700-415 will warn of decent strength, likely for days. 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.
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