Search

Bitcoin is Short-term Bullish Within a Bearish Correction, watch Formation Below 5/26/21


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 $35,315 so far, but this ‘correction’ also has a trending structure to it. Lower levels of possible exhaustion come in at $30,575-27,160, and $17,330-12,445. We held the upper of these with a $30,205 low and rallied $10,395. These are ON HOLD as we broke above the formation mentioned below.

On a lower timeframe basis: We are currently seeing some of the strength warned about on the break above $37,840 (-60 per/hour), although I did not suggest leaning against this. I would CAUTION we may see some further choppiness here for a few days. A decent break below $38,230 (+70 per/hour starting at 9:00am) will warn of decent pressure; but if we break below here decently and back above decently, look for decent short covering to come in.


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