Bitcoin is still projected lower 5/12/22
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend against the move up from $28,800.I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $44,005 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $34,195.We have come off $25,655 from the $51,005 close.
On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $20,570 of pressure. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $12,810 of a $2,000 minimum, $12,000 (+) maximum. The decent trade below $34,830 (+1 tic per/hour) put this below a significant bearish formation that projects this downward $13,000 minimum, $36,000 (+) maximum (yes, if the max is attained, that would be below $0.0—is that possible? Crude Oil went to negative $40 in 2020)….We have attained $9,480 so far. Monday’s maintained gap lower also left an additional significant bearish formation above, that warns of lower trade for weeks. Decent trade above $35,180 will negate this and warn of renewed strength. We are currently basically holding the $25,920-15 exhaustion area with a $25,350 low. CLICK HERE FOR BLOG ON WEBSITE.
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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