Bitcoin is bullish short term 7/29/22
Kitco Commentaries | Opinions, Ideas and Markets Talk
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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. These are ON HOLD.
On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $27,395 of pressure. The decent 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 decent 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. 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 $11,590 of this so far. The trade below $27,275 warned of pressure—we have seen $8,750 so far. These are ON HOLD.We held exhaustion below at $18,165-$7,290 with a $18,525 low and rallied $6,095.If this holds in a bullish correction/trend, it should exceed $7,200 from the low. The trade above $22,365-550 has brought in $2,070 of the strength warned about. The decent trade above $22,835 (-11 per/hour) should bring in decent strength. We have seen $1,785 so far. If we break back below decently, look for decent pressure. 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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