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  • Writer's pictureT. Livingston

Bitcoin & Solana Back Above Their 50-Day Moving Averages

This week, we saw some excellent action in both the stock and crypto markets. I was very happy to see Bitcoin retake its' 50-day moving average with authority. I added to my position via a buy in IBIT. I really like the way Bitcoin retook its' 50-day moving average on volume. This is a sign that the bulls are in control.

Some may have become bearish on Bitcoin over the past month, but historically it has been normal for Bitcoin to correct after the halving. From a long-term perspective Bitcoin continues to build out the right side of a very large base.

SOL (Solana) also retook its' 50-day moving average this week. SOL has been an absolute monster since last 2023, and some basing action was long overdue. I took some of my position off as SOL lost its' 50-day moving average, but I put my entire position back on May 15th.

I continue to believe that Bitcoin's action in the coming months will be akin to "throwing gasoline on a fire" and that we are on the brink of a "21st Century Gold Rush." Time will tell if that happens but one thing is for sure: this is not a time to take your eye off the crypto markets.

Risk right. Sit tight.

To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.

Full Disclosure: I currently own Bitcoin, Solana, and Ethereum.

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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