Bitcoin Retakes Major Moving Averages On Volume
I added to my position in Bitcoin today as it retook both its' 50-day and 200-day moving averages on volume. I originally bought Bitcoin as it cleared the $37,500 level. I added to it as it rose higher, but was knocked out of my pyramid buy after its' recent reaction. I decided to add onto my original buy today for two major reasons. First, as mentioned earlier, I really like the large volume coming in as Bitcoin retook two crucial moving averages. Second, Bitcoin appears to be forming a cup with handle base on the weekly chart. The action over the last week or two could be considered a constructive shakeout of weak hands, which is often a part of a bottoming process. I will look to add to my position again should Bitcoin breakout on volume.
Risk right. Sit tight.
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