Bitcoin is continuing its' extraordinary run and is now trading above the pivotal threshold of $60,000. What impresses me most about Bitcoin is how it has yet to close below its' 10-week line despite moving from $10,000 to $60,000 in less than a year. I also really like the tight, low volume consolidation Bitcoin built over the last few months. It indicates to me that demand for Bitcoin is still solid and likely to lead to much higher prices.
After breaking out of a huge cup and handle base in the fall, Bitcoin found support at its' 50-day moving average and began to form an ascending base pattern. This is a rare pattern that is found in only the most powerful setups.
I added to my position this weekend and will continue to remain bullish on Bitcoin until the market proves otherwise. As Jesse Livermore once noted, "The prudent speculator never argues with the tape. Markets are never wrong, but opinions often are."
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Full Disclosure: I currently own Bitcoin.
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