Bitcoin Starting To Emerge
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.
Risk right. Sit tight.
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Full Disclosure: I currently own Ethereum, SOL, and Bitcoin.
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