04 July 2019

Last Chance To Buy Bitcoin?

"The market whispers opportunities... it doesn't yell.  
A trader must listen closely to profit."

-- The Trader
Last week in my monthly Facebook Live update for my free facebook group [Secrets of Simple Trading], I took a look at Bitcoin vs the USD.  I said then that having breached $10,000 to the upside by a significant amount, a pullback should be bought.  

While I thought the crypto could (and would) pullback deeper before reversing back to the upside, I also noted that price could find support around $10,000 and reassert back to the upside.  It's the latter that seems to have come to fruition.

While the weekly has not yet closed [I'm writing this on Thursday 4 July)...

the daily chart offered up and confirmed a long signal already.

There's no way to know for sure if this is legitimately the last chance to buy 'em... But there's not (or shouldn't be) a lot of argument that it's a great place to take a low risk shot.

If you're a swing trader, it makes sense to wait for a pullback to inside the Tuesday 2 July high at 10,965 before putting on a trade.  If you're a portfolio trader, you might do the same before initiating a new position or adding to an existing position.

Whatever your approach, $10,000 has once again shown itself to be an important level for Bitcoin.  Trade accordingly.

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