Bitcoin remains above a bullish formation but currently in consolidation 8/3/22
On a higher time frame: Roll over 11/10 put this into a bearish trend. I warned that sales would exceed $13,000 from the high of $69,355—we’ve seen $50,830 of this. The trade below $63,285 (+15 per/hour) has brought in $44,760 of the pressure warned of below. We held exhaustion on a bullish correction of the move down to $59,545 and rolled above $41,020. We are down $32,480 from the $51,005 close. These are ON HOLD.
On a lower time frame: The decent trade below $45,920 (+23 ticks per hour) gave pressure at $27,395. The failure below the $38,160 (+ 3 ticks 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 tick per/hour) puts this under a significant bearish formation which projects this down $13,000 minimum, $35,000 (+) maximum. We have achieved $16,305 so far. These are ON HOLD. We held exhaustion below at $18,165-$7,290 with an $18,525 low and collected $6,095. If this holds in a bullish correction/trend, it should exceed $7200. The trade above $22,365-550 has brought in $2070 in strength. The trade above $22,835 (-11 per/hour) has brought $1,785 in strength. If we break back below decent, look for decent pressure. This will come in at $21,903 (-11 ticks per hour as of 10:00 AM). Decent trade above $24,000 (-8 per/hour from 10:00) will warn of decent strength, but I would stop short of suggesting leaning against it as long as there is possible exhaustion to contend with just above at 25265-495 . CLICK HERE FOR WEBSITE BLOG.
NOTE: this is just a small portion of the market calls I give my clients twice daily in the natural gas and energy/gold complex. ‘Decent penetrations’ are specific amounts that are also given to clients daily. If you are interested, please get in touch.
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