Bitcoin Cup and Handle in PlayTraders,
Bitcoin has crushed the 48k barrier finally. And with that we are on our way. The long-time Cup and Handle Pattern that I have been alluding to for so long is now in play and tells us that we should easily reach 80k this year and maybe as soon as mid-summer.
With our 48k on the underside of price, we can now expect to use this as support. We also have that ascending RED TL which has proven to be of significant resistance in the past. It should now help out as support if we get a confirmation candle close above it tomorrow. Both of these areas can be utilized as re-entry areas in the future, if you are looking to trade into BTC. Barring and black-swan or geo-political events that interrupt price action or influence sentiment, price is most-likely to remain to the topside. Remember, BTC ETFs are currently consuming over 12x more BTC than miners can produce. Given that something like less than 25% of all BTC is liquid (meaning trade-able) at this moment, then net result is a multiplier effect which most traders might not be considering, especially our bear friends.
As far as my own trading goes on BTC, I am well over 15 percent profit on my current BTC trade. I have raised my stops to 49k and will continue to trail them as necessary. Upon pullback, which should be swift and shallow (again barring unforeseen events), I will look to re-enter, hopefully around the 48k area. Since I have been batting a thousand over the past year and a half on all of my Bitcoin trades, I am going to be upping the trade allotments for BTC vs. my altcoin trades. Even with hitting a few home runs in the alts, my consistency in analyzing and predicting BTC moves would have netted me are far better return thus far. Therefore, the strategy makes sense at the moment.
Best on all of your trades.
Stewdamus
