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  • Writer's pictureTLivingstonBlog

Bitcoin Clears $37,500 On Volume

After falling over 50% from around $65,000 to near $29,000 earlier this year, Bitcoin has been putting in some constructive action and may be setting up for another major move higher. As I mention in June, Bitcoin has been showing some very bullish divergence action. This trend has continued with Bitcoin's MACD continuing to show strength. I also like the fact that Bitcoin has hammered off $30,000 two times since mid-June, indicating support at this important level.

It's also encouraging to see Ethereum find support near the $1,800 level. I opened a position in Ethereum in late June, and my stop was not hit on the most recent decline, another bullish sign for crypto. I also added to my position in Ethereum today as it too has seen strong volume coming in. ETHE, like Bitcoin, is also showing some bullish divergence.

With its' 50-day moving average below its' 200-day moving average and Bitcoin still below its' 200-day moving average, there is most likely more back and forth action coming in the next few weeks. However, with such strong volume coming in as Bitcoin cleared $37,500, I felt the prudent decision was to start establishing a position here. If Bitcoin continues higher, I will add to my position as profits accumulate and I gain confirmation that Bitcoin has indeed bottomed. Due to the volatile nature of Bitcoin and cryptocurrencies on the whole, I prefer to build a position over multiple buy points rather than establishing a very large position all at once.

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Full Disclosure: I currently own Ethereum and Bitcoin.

Full Disclosure: This post contains an affiliate link to Gemini and Coinbase.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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