Bitcoin (BTC) - Trade Stocks

Bitcoin (BTC)

By Thu, Jun 24, 2021

It’s been a little … “chaotic” for crypto the last few weeks as overleveraged buyers closed out their positions and a firesale saw the market crumble.

But don’t give up on today’s Chart of the Week just yet — crypto’s poster child, Bitcoin (BTC).

Sentiment may be skewed negatively, but I love the undercut of the former lows. 

Bitcoin may have had a rough go the last few weeks, but as long as BTC is above $30k, we are long, with a target of $47,000.

It could go up from there to mid 70s or even 100k, but it’s not about how high it can go here, it’s about great upside with clearly defined, minimal risk. So we are long BTC so long as it is above 30k with our first target at 47k.

Til next week, good trading,

JC Parets

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About the Author

JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.