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Bitcoin is Seeing Short Covering Within Bearishness 7/14/21


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 so far, but this ‘correction’ also has a trending structure to it. We attained $25,155. The decent trade below $47,535 (+25 per/hour) projected this downward $3,600 minimum, $10,600 (+) maximum. We attained $18,725 before short covering off the low.


On a lower timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $7,850.I warned that holding the exhaustion area and settling back above the $30,205 low is an early warning this move down from the high is likely over. These are ON HOLD. The decent trade below $34,850 (+40 per/hour) warned of decent pressure. We attained $3,335.The decent trade below $34,470 (+20 tics per/hour) has brought in$2,955 of pressure. The decent trade below $33,935 (+10 per/hour) has brought in $2,420 of additional pressure. The decent trade below $33,310 (+20 per/hour) warns of further pressure. We have seen $1,795 so far. Decent trade above $33,780 (-15 per/hour starting at 9:00am) should bring in decent strength for $2,300 (+); but if we break above here decently and back below decently, look for decent pressure. The break back above $32,040 is currently bringing in some of the intra-day short covering warned about. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range.


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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