Since late 2021, I have been monitoring Bitcoin and Ether for some low-risk entry points. I've been trying to keep an open-mind for the various possible scenarios that may play out. For the first part of 2022, Bitcoin and Ether have been correcting with the general market, but we have been seeing much more positive action recently. In early March, I noted the higher low that was made on Bitcoin's chart and since then things have continued to improve. I really like that fact that we've seen support off the $34,000 range and that Bitcoin has retaken its' 50-day moving average. It is important to note, however, that Bitcoin is still below its' 200-day moving average and there's plenty of resistance overhead so it's no time to get overly aggressive just yet. For me, this means keeping an eye on Bitcoin and slowly adding to my position above various resistance levels if things continue to improve.
Ether's chart is somewhat similar to Bitcoin's. Consistent support at the $2,400 range is a bullish sign as is the retake of the 50-day moving average. I will be looking to add to my position above various resistance levels such as the pivotal $3,000 and $3,200 areas as well as near the 200-day line. Just like Bitcoin, I'm looking to slowly add to my position rather than plow in all at once.
LUNA, the token of the Terra blockchain, has come to my attention due to its' impressive relative strength. What really intrigues me about LUNA is the fact that it is currently above both its' 50-day and 200-day moving averages. I'll be looking to build a position if it can clear key resistance levels.
Risk right. Sit tight.
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Full disclosure: I currently own Bitcoin and Ether.
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