Make Kitco Your Homepage

Bitcoin in Bearish Trend, but May be in Last Stretch

Commentaries & Views

Graphical user interface, chart, application, histogram  Description automatically generated Bitcoin in Bearish Trend, but May be in Last Stretch 6/28/22

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 $49,755 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $39,945. We have come off $31,405 from the $51,005 close.

On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $26,320 of pressure. The decent trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $23,540 so far. The failure back below $40,895 brought in $21,295 of the renewed weakness we were looking for. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $18,560 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. We have attained $15,230 so far. On 5/9 we also left an additional significant bearish formation above, that warned of lower trade for weeks—we have been coming off for 8 weeks so far. The decent trade below $30,115 (+9 tics per/hour) projects this downward $1,975 minimum. We have attained $10,515 of this so far. The decent trade below $27,275 (-10 tics per/hour) warned of additional pressure—we have seen $7,675 so far. However, I would caution that we are likely in the last stretch of the structure from $48,475 down, and I would be monitoring possible exhaustion areas below. The decent trade above 20605 (-13 tics per/hour) put this above a minor formation that may bring in strength within the bearishness mentioned above, although I did not suggest leaning against this. If we break back below where this comes in at 20270 (-13 tics per/hour starting at 6:00am) decently, look for decent pressure. Settlement back above $25,350 will also warn of a termination of the bear structure down. CLICK HERE FOR BLOG ON WEBSITE. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.