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.

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

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