Bitcoin Is Short Term Bullish 7/29/22

Based on a longer period: The 11/10 roll has placed it in a downtrend. I warned that selling should break through $13,000 from the high of $69,355 – we saw $50,830 of that. The trade below $63,285 (+15 per hour) brought $44,760 from the pressure reported below. We held exhaustion on an upside correction of the move down to $59,545 and extended $41,020. We cleared $32,480 from the close of $51,005. These are PENDING.

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On the basis of a lower deadline: The decent trade below $45,920 (+23 ticks per hour) led to pressure of $27,395. The decent trade below $43,140 (-3 ticks per hour) warned of further pressure. We’ve seen $24,615 so far. The breakout below $40,895 brought in $22,395 of the renewed weakness we are looking for. Failure below the $38,160 (+3 ticks per hour) line warns of decent pressure – we saw $19,635 on $2,000 low, $12,000 (+) high . The decent trade below $34,830 (+1 tick per hour) puts it below a significant bearish formation that projects that low down to $13,000, $35,000 (+) high. We have reached $16,305 so far. On 5/9 we also left an additional significant bearish formation above which warned of trading down for weeks – we have been breaking out for 8 weeks so far. The decent trade below $30,115 (+9 ticks per hour) projects that low down to $1,975. We’ve hit $11,590 so far. The trade below $27,275 warned of pressure – we’ve seen $8,750 so far. These are PENDING.We held exhaustion below $18,165 to $7,290 with a low of $18,525 and rallied $6,095. If successful in a correction/uptrend, it should break above $7,200 from the low. The trade above $22,365-$550 brought $2,070 from quoted strength. The decent trade above $22,835 (-11 per hour) should bring decent strength. We’ve seen $1,785 so far. If we come back decently below, look for decent pressure. CLICK HERE FOR THE BLOG ON THE WEBSITE.

NOTE: This is just a small portion of the market calls I provide to my clients twice a day in the Natural Gas and Power/Gold complex. “Decent dependencies” are also specific quantities provided daily to customers. If you are interested, do not hesitate to contact us.

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Disclaimer: The opinions 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 the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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