Bitcoin is bullish within overall bearishness 7/8/22
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. I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $50,830 of this. The trade below $63,285 (+15 per/hour) has brought in $44,760 of the pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $41,020. We have come off $32,480 from the $51,005 close.
On a lower timeframe basis: The trade below $45,920 (+23 tics per/hour) brought in $27,395 of pressure. The trade below $43,140 (-3 tics per/hour) warned of additional pressure. We have seen $24,615 so far. The failure back below $40,895 brought in $22,395 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 $19,635 of a $2,000 minimum, $12,000 (+) maximum. The trade below $34,830 (+1 tic per/hour) put this below a significant bearish formation that projects this downward $13,000 minimum, $35,000 (+) maximum. We have attained $16,305 so far. The trade below $30,115 (+9 tics per/hour) brought in $11,590 of pressure so far. The trade below $27,275 warned of pressure—we have seen $8,750 so far. These are ON HOLD.I cautioned that we are likely in the last stretch of the structure from $48,475 down and would be monitoring possible exhaustion on the way down at $18,165-$7,290 (significant) and lower. We came just shy of this with a $18,525 low and have rallied $4,025. If one of these holds and starts a bullish correction/trend, it should exceed $7,200 from the low. The trade above $19,985 (-10 per/hour) warns of decent strength—we have attained $2,565. 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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