After bottoming in November of 2022, Bitcoin began to wake up earlier this year. The heavy volume accumulation that came in this January demonstrates strong demand for this cryptocurrency. Currently, Bitcoin is above both its' 10-week and 40-week moving averages, another sign that the trend is now to the upside. In addition, the tight action that has occurred since March shows the reluctance of current holders to sell. In addition, we've also seen some excellent price action in Ethereum recently, and I added to my position as it cleared the $1,850 level. I will be monitoring the $29,000 level on Bitcoin closely in the coming weeks. Should it clear this resistance level with conviction, I will be adding to my position.
Risk right. Sit tight.
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Full Disclosure: I currently own Bitcoin and Ethereum.
Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.
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