Bitcoin is short term bearish within upward consolidation 8/15/22
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. 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 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. These are ON HOLD. These are OFF HOLD. We held exhaustion below at $18,165-$7,290 with a $18,525 low and rallied $6,455.If this holds in a bullish correction/trend, it should exceed $7,200.The trade above $22,365-550 brought in $2,430 of strength. The trade above $22,835 (-11 per/hour) has brought in $2,145 of strength. We held possible exhaustion at $22,520-290 with a $22,405 low and rallied $2,575.The trade above $23,235 (+10 tics per/hour) warns of renewed strength—we have seen $1,745 so far. These are ON HOLD. We held exhaustion at $25,265-495 with a $25,270 high and rolled over $1,380. 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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits, or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast, or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor