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Bitcoin Sets Up With Well

Since late 2021, I have been waiting in cash for another opportunity to buy Bitcoin. Crypto is notorious for its' booms and busts, and it is just no fun at all to try to hold it through a steep decline. Over the last few weeks, we have started to see some positive signs that Bitcoin may be ready to resume a new uptrend. First, I really like the heavy volume support that came in late February. Moreover, the higher low combined with an uptrending MACD and RSI are bullish signs.

Since then, Bitcoin has been pulling back rather calmly. I opened a pilot buy in Bitcoin on February 28 as it retook the 50-day line with volume coming in. I'll be looking to add to my position should it clear the critical $46,000 level with conviction. From there, I would look to see if I could get another buy point should the $50,000 / 200-day moving average levels be cleared. As always, I will have stop losses in place to limit my risk.

Risk right. Sit tight.

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Full disclosure: I currently own Bitcoin.

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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.


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