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  • Writer's pictureT. Livingston

Bitcoin Looks Ready For Its' Next Upward Cycle

Bitcoin continues to display positive action and looks like it is ready for its' next upward cycle. When looking at the weekly chart, we can see that since capitulation took place in October after the FTX collapse, we have started to see accumulation come into Bitcoin. Bitcoin is now in a Stage 2 uptrend and looks to be in the beginning phase of its' next upward cycle. The weekly chart is starting to sketch the outline of a cup and handle base as well.

The daily chart also shows signs the bulls are in control. I like the way Bitcoin retook its' 50-day moving average with conviction today. This is a step in the right direction, but it does look like there is some resistance around $29,000-$30,000. It wouldn't surprise me to see Bitcoin build out its' right side a little more before breaking out above $30,000. For those who are patient and like me, are looking to build a large position over time, a breakout above this level would be another logical point to pyramid up. This is how I prefer to trade Bitcoin as it allows me to get more aggressive as things are working, rather than blindly plowing in all at once.

Risk right. Sit tight.

To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.

Full Disclosure: I currently own Bitcoin and Ethereum. 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.

  • crypto

  • bitcoin

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