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Bitcoin Remains Above a Bullish Formation, but Currently in Consolidation 8/3/22


On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend. I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $50,830 of this. The trade below $63,285 (+15 per/hour) has brought in $44,760 of the pressure warned about below. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $41,020. We have come off $32,480 from the $51,005 close. These are ON HOLD.


On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $27,395 of pressure. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $19,635 of a $2,000 minimum, $12,000 (+) maximum. The decent trade below $34,830 (+1 tic per/hour) put this below a significant bearish formation that projects this downward $13,000 minimum, $35,000 (+) maximum. We have attained $16,305 so far. These are ON HOLD. We held exhaustion below at $18,165-$7,290 with a $18,525 low and rallied $6,095. If this holds in a bullish correction/trend, it should exceed $7,200.The trade above $22,365-550 has brought in $2,070 of strength. The trade above $22,835 (-11 per/hour) has brought in $1,785 of strength. If we break back below decently, look for decent pressure. This will come in at $21,903 (-11 tics per/hour starting at 10:00am). Decent trade above $24,000 (-8 per/hour starting at 10:00am) will warn of decent strength, but I will stop short of suggesting leaning against it as a long as there is possible exhaustion to contend with just above at 25265-495.


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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