Hi trader, let's talk about Bitcoin,
Nothing much has happened since our last market update in which we highlighted the reasons why we believe the smart money is accumulating Bitcoin in anticipation of the next market cycle.
The cryptocurrency is showing no signs of volatility on the spot market and a clear accumulation pattern has formed on the daily:
Meanwhile the stock market is correcting...
... but will likely recover and aim to prolong its historical 10 years bull run:
The longer time-frame reveals that the stock market is indeed in a bubble, the chart is starting to go parabolic...
... and could pull a 2017 Bitcoin before the bubble gets pricked and drag our economies into a recession.
In the meantime it's probably a good idea to start hoarding hard-money like gold or Bitcoin before it all comes crashing down.
I leave you with this very entertaining interview of Bitcoin-skeptic Peter Shiff on the Joe Rogan podcast:
Nothing has changed as far as our strategy:
- Bitcoin has bottomed and is in accumulation for its next market cycle which makes now the perfect time to get in for a multi-year swing trade.
- Avoid trading the chops as Bitcoin is grinding at the bottom, instead accumulate your favorite coins at a discount.
- Keep your eyes on the S&P500 for signs of correlation with the stock market (especially in the event of a more severe correction).
What is your strategy traders?
Until next time,
This content is for informational purposes only and does not constitute financial advice.