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Bitcoin is Bearish, but the Trade Back Above $43,310 now Warns of Short Covering 9/20/21


On a higher timeframe basis: We held exhaustion above at $64,735-$66,145 with a $65,520 high, which I said could roll this into a correction exceeding $11,000—we have seen $36,720. This is ON HOLD.


On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $24,325. I warned that holding the exhaustion area and settling back above the $30,205 low was an early warning the macro move down from the high was likely over. The decent trade back above $30,810 (-5 per/hour) has brought in $22,350 of the strength warned about above so far. The decent trade above $30,600 (-25 per/hour) has brought in $22,525 of the strength warned about above. These are ON HOLD. I warned of key possible exhaustion above at $53,275-390—we came just shy of this with a $53,125 high and rolled over $10,760. The decent trade below $45,925 (-10 tics per/hour) has brought in $3,560 of the pressure warned about so far, but the trade back above $43,310 now warns of short covering. NOTE: I would be AWARE that we have areas of possible corrective exhaustion to contend with at $42,535-170 and $38,785-350--the upper of which we are currently holding.


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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