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Bitcoin Setting Up Well For Another Move Higher

Over the past two months, I have been monitoring Bitcoin closely for a potential bottom. After exhibiting some bullish divergence action in June, Bitcoin continued its' constructive action by showing consistent support near the $30,000 range. I opened a position as Bitcoin cleared $37,500 on volume. Since then, Bitcoin has been acting really well, calmly pulling back towards its' 20-day EMA. On a higher-time frame, Bitcoin's weekly chart looks fantastic. As previously noted, I like the consistent support off the $30,000 level. In addition, the heavy volume move above $37,500 followed by the tight pullback more recently is extremely constructive action. Should Bitcoin clear the $42,500 level on volume, I will look to add to my position. If Bitcoin has indeed bottomed, it is very possible that we may see prices over $100,000 by the end of 2021. What really intrigues me is that very few people see it. While Bitcoin was the talk of the town in May, the 50% decline seems to have wiped away the excessive bullishness that was permeating crypto a few months ago. The fantastic action we have seen in Ethereum over the last two weeks is also a very bullish sign for crypto on the whole.

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Full Disclosure: I currently own Ethereum and Bitcoin.

Full Disclosure: This post contains an affiliate link to Gemini.

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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