Bitcoin in Bearish Trend, but May be in Last Stretch
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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.