The Bitcoin chart has been shaping up really well recently and looks to be poised for another strong move higher. I'm inclined to trade the first pullback to the 50-day moving average after a strong breakout, as it is usually an excellent entry point. I love the way BTCUSD has found support off its 50-day moving average and is now starting to see accumulation. I added to my position as the downtrend line was broken. From a long-term point of view, the weekly chart shows that the pullback Bitcoin experienced over the last few weeks appears to be a natural reaction to its' spectacular move in late 2020 and not something signifying a top. There is still not much distribution occurring as Bitcoin owners are seemingly bullish on this crypto for the foreseeable future. I still believe that Bitcoin has the potential to be one of the best trading opportunities of 2021. I previous wrote on my thoughts on Bitcoin's potential here.
If you are interested in using Coinbase to purchase Bitcoin and would like to receive a $10 sign up bonus, use this link.
Full Disclosure: I currently own Bitcoin.
Full Disclosure: This post contains an affiliate link to 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.