The Bitcoin chart has been shaping up really well recently and looks to be poised for another strong move higher. I'm inclined to trade the first pullback to the 50-day moving average after a strong breakout, as it is usually an excellent entry point. I love the way BTCUSD has found support off its 50-day moving average and is now starting to see accumulation. I added to my position as the downtrend line was broken. From a long-term point of view, the weekly chart shows that the pullback Bitcoin experienced over the last few weeks appears to be a natural reaction to its' spectacular move in late 2020 and not something signifying a top. There is still not much distribution occurring as Bitcoin owners are seemingly bullish on this crypto for the foreseeable future. I still believe that Bitcoin has the potential to be one of the best trading opportunities of 2021. I previous wrote on my thoughts on Bitcoin's potential here.
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Full Disclosure: I currently own Bitcoin.
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