Bitcoin and Ethereum are both setting up extremely well in cup and handle style bases. Let's take a look at Bitcoin first before we look at Ethereum. There are a few things I like about Bitcoin's base. First, the hammer action off the $30,000 level is a sign of consistent support. This was followed by Bitcoin clearing $37,500 on volume. The tight action recently is a sign that there is not much supply coming to market. I also like the fact that the 10-week and 40-week moving averages are below which are logical areas of support.
Ethereum is also showing really constructive action. I initially bought Ethereum off the 200-day moving average and added to it as it rallied above the 50-day moving average. Now, like Bitcoin, Ethereum has been consolidating extremely well over the past two weeks. Should Bitcoin and Ethereum clear recent resistance on volume, I will look to add to my position in both of these cryptocurrencies.
Full Disclosure: I currently own Ethereum and Bitcoin.
To get started investing in Bitcoin using Coinbase and receive a $10 sign up bonus, use this link.
To get started investing in crypto, earn $10 in Bitcoin as a signing up bonus and receive up to 7.4% interest on your account, use this special link.
To learn more about swing trading and trading in general, visit my course page.
Full Disclosure: This post contains affiliate links to Gemini and Coinbase.
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.
Comments