Many market participants are getting excited about Bitcoin again.
It’s not without good reasons:
- Recent bullishness coming back in early September 2024
- Price bouncing up from around the former August 2024 lows
- Ample liquidity coming into global markets
Price as of intra-day morning 10/15/24 is trading in a tight indecision “doji” candle, and holding above a downward diagonal resistance line from June.
Ideally in the near-term, we’d like to see the price continue to move up/close above $66,550, along with increasing momentum/relative strength (RSI) underneath, and the indicator moving above the recent high of (66.60) on 9/27/24.
Bitcoin/ USD – Coinbase (Daily Chart)
Having said that, price still needs to work up and through some former/potential resistance areas:
- July ‘24 resistance overhead (around $68,000ish)
- The round “psychological” $70,000 trading number of 7/29/24
- The high of 6/7/24 ($71,974)
- The All Time High of 3/14/24 ($73,835)
From an asset allocation perspective, we are bullish on Bitcoin in long term portfolio holdings.
In the nearer “trading” term, we would still like to see price overcome and close above some of the aforementioned “potential” resistance areas listed above.
In addition, we’d like to see our proprietary Market Rover trend/trading algorithm turn from a Red – Neutral – to Green trend along the way:
Bitcoin USD – Daily Chart
For those who haven’t yet directly invested/traded in cryptocurrencies but would like to gain exposure, with our Market Rover platform you can follow the trend/trade signals in the Bitcoin ETF (IBIT) and other Bitcoin-correlated assets.
For example:
iShares- Bitcoin Trust (IBIT)
And for those who directly invest/trade in cryptocurrencies, our Inner Circle members can quickly scan for trend/trading signal ideas to help guide in tactical decision making.
Take a look at this:
Market Rover Platform – Search Tool
As you can see, Market Rover isn’t just for stocks. We’re using it to find trends and trades in crypto/Bitcoin too!
Happy Trading!
