Bitcoin is back on the move.
The King of the Cryptocurrencies blasted $600 higher yesterday. That’s a 15% gain in one day. And it looks – to me at least – like there’s still more upside ahead.
When we looked at bitcoin two weeks ago, we noted the cryptocurrency had rallied 12% over the previous month. And while everybody was talking about the bullish action in the stock market, it seemed that nobody noticed the bullish move in bitcoin. So, we figured there was more upside ahead.
And, even after yesterday’s monster move higher, it still looks like bitcoin has room to run. Here’s the updated chart…
Bitcoin has broken above resistance at about the $4,200 level. It’s now into the “thin zone” where there isn’t any notable resistance until up around $5,200. That looks like a reasonable target for this current rally.
Some of the technical indicators at the bottom of the chart have stretched into overbought territory. For example, the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) are both at their highest levels in more than a year. So, bitcoin might chop around for a few days to help bring those indicators back down into neutral territory.
But, the important thing to note is that the technical indicators have been moving higher along with the price of bitcoin. In other words, there’s no negative divergence. The indicators are confirming the new uptrend.
This means that any short-term weakness over the next few days will most likely be followed by another push higher.
Traders who bought bitcoin in February, when we first pointed out the bullish setup, are now sitting on really nice gains. And it looks like there are even more gains ahead for this cryptocurrency.
Best regards and good trading,
As Jeff’s Mastermind came to an end this week, subscribers share their feedback on the course…
It was the best webinar course that I have ever taken. I guess like they say, when the student is ready, the teacher will appear… Jeff did an awesome job, and I enjoyed his sense of humor. Although, my wife was a little concerned about my laughing at “nothing” at 6:30 (my time) in the morning, all by myself…
Thanks for the class. It has given me the tool set needed to continue trading options successfully. The three months of the class have increased my trading account by 18%. Looking forward to the bonus materials.
Thank you so much for this great class and for keeping the access open as you committed. It’s very much appreciated.
I am hopeful that there might be another class down the road. I learned so much from this class, but I realize I have a lot more to learn, so I would be interested in other learning opportunities in the future.
I want to tell you how much I have appreciated Jeff’s classes. It has been a first-class course and Jeff (and his team) have given everything promised, and more.
Thanks again, and I look forward to applying Jeff’s principles (profitably, I hope!).
Thank you for a greater understanding of the markets and trading. The Mastermind training was much more than I had expected. I am grateful for the knowledge that you have shared and will be following your ideas.
I found Jeff’s sessions were very informative, intuitive, and right in sync with the situation of the day. Each session was enjoyable, but time went by so fast that each session felt too short! It was just a great learning experience for me, which I plan to apply to the rest of my trading life.
I wanted to thank Jeff for his efforts to educate all the members of the Mastermind program. I personally learned a great amount from all the sessions and am continuing to learn. Once again, thank you very much for all that you do.
Thank you, as always, for your thoughtful insights. We look forward to reading them every day. Keep them coming at [email protected].