Dangerously bullish setup for Bitcoin
Back on October 23 we posted a long trade idea for Bitcoin titled: Bitcoin attempting to break over a significant long-term level where we outlined the bull case for a breakout over 32K to bring more momentum and higher targets for the King of cryptocurrencies.
Here we are 2 months later with prices up 9 out of the last 10 weeks and Bitcoin has entered into a sideways consolidation through time, rather than any meaningful correction in price all while the market awaits two bullish catalysts: a spot ETF approval and the halvening.
A breakout up and over 45K starts to put former all-time high targets into traders minds and likely arrives at a fast clip. (disclosure: long).
Here we are 2 months later with prices up 9 out of the last 10 weeks and Bitcoin has entered into a sideways consolidation through time, rather than any meaningful correction in price all while the market awaits two bullish catalysts: a spot ETF approval and the halvening.
A breakout up and over 45K starts to put former all-time high targets into traders minds and likely arrives at a fast clip. (disclosure: long).
Evan Medeiros
Founder, Trade Risk
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Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
Founder, Trade Risk
---
Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
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