Bitcoin Finds Support at the 50-Day, Looks Ready for Another Move Higher
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.
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Full Disclosure: I currently own Bitcoin.
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