Search

Bitcoin is Bearish, but Close to Breaking Above a Bullish Pattern 1/19/22


On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and rallied $40,555. The trade above $41,590-605 projected this upward $4,200 minimum, $11,500 (+) maximum. We have attained $27,7350. These are ON HOLD.


On a lower timeframe basis: The roll over on 11/10 put this into a bearish correction against the move up from $28,800. I warned it should exceed $13,000 from the high of $69,355—we have seen $29,450 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $19,640. The break below $40,470-085 and back above has brought in short covering against this. The last possible corrective exhaustion area below comes in at $37,480-405. Decent trade above $41,850 (-23 per/hour starting at 6:00am) should bring in decent strength—this could alternatively be drawn to come in at $42,670 (-20 per/hour starting at 6:00am). If we break above either of these decently and back below decently, look for decent pressure. Trade/settlement back above $45,700-415 will warn of decent strength, likely for days.


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.


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