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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