Bitcoin is bullish short term 10/5/22
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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 trade below $45,920 brought in $17,725 of pressure. The trade below $43,140 warned of additional pressure. We have seen $24,945. The failure below $40,895 brought in $22,700 of the renewed weakness. The failure below $38,160 warned of decent pressure—we have seen $19,965 of a $12,000 (+) maximum. The decent trade below $34,830 put this below a significant bearish formation that projected this downward $13,000 minimum, $35,000 (+) maximum. We have attained $16,635. On 5/9 we also left an additional significant bearish formation above, that warned of lower trade for weeks. The trade below $30,115 has brought in $11,920 of pressure. The trade below $27,275 has brought in $9,080 of pressure. We held exhaustion at $25,265-495 with a $25,270 high and rolled over $6,910. We were in a bullish correction against the move down from $25,270, with an area of exhaustion at $22,630. We held this with a $22,875 high and rolled over $4,680. These are ON HOLD. We may have completed the last stretch of the structure down from $48,475--the trade above $18,360-195 warned of a termination of this structure down and renewed strength—we $2,040 before rolling over and rallying again to attain $2,175. The trade above $19,645 has brought in $890 of the strength warned about above. The trade above $19,953 (-4 tics per/hour) projects this upward $1,200 (+). The trade above $20,006 (-7 tics per/hour) also warns of higher trade. If we break back below $19,880 (-4 tics per/hour starting at 6:00am) 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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