Bitcoin cleared $65,000 today with heavy volume coming in. I added to my position for a variety of reasons. First, the weekly chart shows that bitcoin is really not extended from a long-term point of view. In fact, it still has not made a new all-time high yet and looks like it still has room to run. Second, with the 20-day EMA below, bitcoin is offering a very solid set up in terms of risk to reward. Finally, the heavy volume accompanying the break above $65,000 tells me there is conviction behind the move. Bitcoin is by far the largest position in my portfolio, but I was able to build it over time and through various buy points in order to mitigate my risk.
My positions in Solana, Ethereum and Coinbase are all also acting well which is another positive sign for Bitcoin and crypto on the whole.
Risk right. Sit tight.
-Tom
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Full Disclosure: I currently own Ethereum, SOL, and Bitcoin.
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