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Bitcoin is Bearish 3/4/22


On a higher timeframe basis: The roll over on 11/10 put this into a bearish correction/trend against the move up from $28,800. I warned it should exceed $13,000 from the high of $69,355—we have seen $36,500 of this. Although we could see more of this if we roll over to take out the formation mentioned in the lower timeframe basis below, I would NOTE that the break above that formation took this out of the bear trend. The decent trade below $63,285 (+15 per/hour) has brought in $30,430 of the decent pressure warned about below. The decent trade below $61,890 (+15 per/hour) has brought in $29,035 of the decent pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $26,690. We have come off $18,150 from the $51,005 close. These are OFF HOLD.


On a lower timeframe basis: We held extension exhaustion at $34,550-355 with a $34,295 low and rallied $10,815 into a bullish trend. I also warned trade back above $36,340 would warn of an early end to the downward structure and entry into a bullish correction/trend—we have seen $9,310. The decent trade above $42,375 (-12 per/hour) projected this upward $8,200 (+). We have attained $3,080 so far. This will come in at $41,420 (-12 per/hour starting at 5:00am). These are ON HOLD. The decent trade above $42,920 (-9 per/hour) only brought in $2,535 of strength before rolling over and failing back below where it came in at $42,415, which now warns of decent pressure. Failure below the lower line mentioned above should give additional downside confirmation. I warned in the Post Market Synopsis that this did not go out looking strong on the day—we have come off $1,140.


NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Bitcoin 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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