Bitcoin is still projected lower 5/12/22

On a higher timeframe basis: The roll over on 11/10 put this into a bearish trend against the move up from $28,800.I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $44,005 of this. We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $34,195.We have come off $25,655 from the $51,005 close.

On a lower timeframe basis: The decent trade below $45,920 (+23 tics per/hour) brought in $20,570 of pressure. The failure below the $38,160 (+ 3 tics per/hour) line warns of decent pressure—we have seen $12,810 of a $2,000 minimum, $12,000 (+) maximum. The decent trade below $34,830 (+1 tic per/hour) put this below a significant bearish formation that projects this downward $13,000 minimum, $36,000 (+) maximum (yes, if the max is attained, that would be below $0.0—is that possible? Crude Oil went to negative $40 in 2020)….We have attained $9,480 so far. Monday’s maintained gap lower also left an additional significant bearish formation above, that warns of lower trade for weeks. Decent trade above $35,180 will negate this and warn of renewed strength. We are currently basically holding the $25,920-15 exhaustion area with a $25,350 low.  CLICK HERE FOR BLOG ON WEBSITE. 

 
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



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 of this article do not accept culpability for losses and/ or damages arising from the use of this publication.


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