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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.


-Tom





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Full Disclosure: I currently own Ethereum and Bitcoin. Full Disclosure: This post contains affiliate links to Gemini and 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.