As noted in the weekend report I am giving BTC/USD the benefit of the doubt pending the support at the top of green shaded cluster from September but wanted to see it get on top of and clear the SMA 200 in order to keep holding the ETF position, BITO, which tracks Bitcoin pretty well. Today BTC made a move in the right direction.
I’ve taken the chart further (into TA novelty territory) and drawn a Cup & Handle pattern with a higher right side rim than left, which I always like to see on a C&H. MACD, while still negative, is triggered up and RSI is negative but working its way above its 20 day moving average.
At the very least I see enough to continue holding. At best it could be starting a move to try to test the Handle. Were I a fundamental Bitcoin bull (instead of a speculator) and wanted to position I’d have bought this support test (as I did on speculation).
Personally and as noted in NFTRH 686, I’ll manage risk below 45000.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
