Bitcoin is above a bullish formation but rolling over on 8/2/22
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 decent trade below $43,140 (-3 ticks per hour) signaled further pressure. We’ve seen $24,615 so far. The failure back below $40,895 brought in $22,395 of the renewed weakness we were looking for. 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. On 5/9 we also exited another significant bearish formation above, which signaled lower trading for several weeks – we have held for 8 weeks so far. The decent trade below $30,115 (+9 ticks per/hour) projects this downside minimum of $1,975. We have achieved $11,590 of this so far. The trade below $27,275 warned of pressure – we’ve seen $8,750 so far. These are ON HOLD.We held exhaustion below $18,165-$7,290 with a low of $18,525 and a gain of $6,095. The trade above $22,365-550 has brought in $2,070 of the strength that was warned about. The decent trade above $22,835 (-11 per/hour) should bring in decent strength. We’ve seen $1,785 so far. If we break back below decent, look for decent pressure. 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.
Commodity trading involves a significant degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for loss of subscribers. No representation, expressed or implied, is made that any investor will achieve results, profits or losses, even if very similar to hypothetical results. Past results are in no way indicative of future results. Information provided in this newsletter shall not be considered an offer or solicitation with regard to the sale or purchase of securities or goods. Any copying, reprinting, broadcasting or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may conduct transactions on a proprietary trading account that may be consistent or inconsistent with the content of the newsletter. The content, statements and views expressed in this publication are those of Michael Moor solely in his individual capacity and cannot be attributed to any person or entity other than Michael Moor
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