It's been a good day for Bitcoin. The price of BTCUSD has broken some major resistance and is dancing around the $50K level. If we can keep up the momentum and flip this resistance into support, it is off to the races!
I know I have been one that has called for a retracement, and it can still happen, but I no longer think that we are going to see any kind of major drop, say back to 35K. The Bitcoin ETFs have been a major player in these recent pumps with more and more volume starting to come in via Wall Street.
I have switched over to a more cycle swing strategy so I can focus on some other things. Right now, I am collecting BTC until we break the previous all time highs at the 69K area. Once we break that, I am holding my stack and going into some other altcoins like ETH and MATIC to ride the rest of the market cycle.
Things are looking more and more bullish as we go along. Just when I think we are starting to top out, the market proves me wrong. But that is what I love about it. The market, especially the crypto market keeps me on my toes. So I am not going to trade against the trend, I am going to stack and ride the wave until it ends. The Logical Trading Indicator PRO is still calling an uptrend, so I am going to keep riding it until the longer trends start to change.
No matter what else I have going on, I am still keeping a side eye on the markets. That's what the longer term time frames and my trend alerts are for. They let me know when it's time to get in and get out which helps me make money by making better decisions!
Until next time my friends, trade logically!
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Additional Blog Locations
Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
I also post trading chart ideas on my TradingView Profile.
Disclaimer:
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
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