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  • Writer's pictureT. Livingston

Bitcoin Continues To Set Up Well

Bitcoin continues to set up well in what looks to be a cup and handle base. I have been monitoring bitcoin closely this year and have been building a position over various buy points since the summer. There are a few fundamental and technical factors that keep me bullish on bitcoin. From a macro perspective, if inflation becomes a major concern, I believe more funds will continue to flow into bitcoin and cryptocurrencies on the whole as the dollar declines in value. The limited supply of bitcoin is likely to further increase its' demand.

From a technical perspective, Bitcoin has been acting exactly as it should. After finding support off the $30,000 level, it has mostly traded above its' 10-week line, which is a very positive sign. In addition, after breaking above the $50,000 price range, it has found support at its' 20-day EMA-another sign of strong technical action. I added to my position today as bitcoin cleared recent resistance. I have a stop loss in place below recent support to keep risk in check.

Risk right. Sit tight.


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Full Disclosure: I currently own Ethereum and Bitcoin.

Full Disclosure: This post contains affiliate links 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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