Bitcoin is bullish short term 10/5/22
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 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 trade below $45,920 brought in $17,725 of pressure. The trade below $43,140 warned of additional pressure. We have seen $24,945. The failure below $40,895 brought in $22,700 of the renewed weakness. The failure below $38,160 warned of decent pressure—we have seen $19,965 of a $12,000 maximum. The decent trade below $34,830 put this below a significant bearish formation that projected this downward $13,000 minimum, $35,000 maximum. We have attained $16,635.
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. 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.
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