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 another correction exceeding $11,000—we have seen $17,925 so far. The decent break below $59,740-685 I said would warn of pressure to come in, likely back down toward $55,680 (-). We have seen $10,470 of this so far, taking out $55,680. These are ON HOLD.
On a lower timeframe basis: The maintained gap lower on 4/19 left the short-term bearish reversal above warned about. This is ON HOLD. Decent trade above $60,150 will further negate this and warn of decent strength again. We held the $47,395 exhaustion with a $47,440 low again and bounced $11,910. The decent trade above $56,840 (+10 tics per/hour) should bring in decent renewed strength—however, this is based off an “ok formed” formation. Decent trade back below where this comes in at $56,970 (+10 tics per/hour starting at 9:00am) should bring in renewed pressure. We are called $1,480 higher.
NOTE: Bitcoin MINI Futures being launched TODAY, 1/10th the size…
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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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author…
Read more:Bitcoin is bullish 5/3/21