Bitcoin Sets Up Well
After bottoming in November of 2022, Bitcoin began to wake up earlier this year. The heavy volume accumulation that came in this January demonstrates strong demand for this cryptocurrency. Currently, Bitcoin is above both its' 10-week and 40-week moving averages, another sign that the trend is now to the upside. In addition, the tight action that has occurred since March shows the reluctance of current holders to sell. In addition, we've also seen some excellent price action in Ethereum recently, and I added to my position as it cleared the $1,850 level. I will be monitoring the $29,000 level on Bitcoin closely in the coming weeks. Should it clear this resistance level with conviction, I will be adding to my position.
Risk right. Sit tight.
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Full Disclosure: I currently own Bitcoin and Ethereum.
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