Bitcoin is overall bearish, but has a good likelihood of trading higher on the day
New York (Jan 26) On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend. I warned it should exceed $13,000 from the high of $69,355—we have seen $36,500 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $26,690. We have come off $18,150 from the $51,005 close.
On a lower timeframe basis: I said on 1/5/22 that we took out key exhaustion at $44,295-3,055, which suggests we may see additional lower trade—we came off over $10,150. The trade back below $42,010 (-20 tics per/hour) has brought in $9,155 of the decent pressure we were looking for below. Decent trade above $42,270 (-20 tics per/hour starting at 5:00am) will project this upward $9,800 minimum, $12,000 (+) maximum. Despite trading lower as I write this, yesterday’s price action typically results in higher trade today. CLICK HERE FOR FULL BLOG.
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. 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
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