Having patience is the hallmark trait of a successful investor.
Now, if you’re thinking of buying crypto’s you’d better be patient, because there’s no bitcoin breakout yet. However, the charts are starting to perk up, good news for crypto bulls.
Over the years I’ve learned that waiting for a chart to turn bullish is a sure fire way make money and avoid frustration. Seriously, there is nothing worse than putting on a trade and immediately start losing money. To be sure, having a sound approach to technical analysis (chart reading) is a science as much as an art.
What driving the new bullish tone?
For starters, prices have been consolidating in a trading range for over two months. This is usually how long-term bottoms are formed. Second, the Federal Reserve’s QE program is still up and running at a minimum of $80 billion per month. Both bullish.
Better yet, the Germans apparently think crypto currencies, especially Bitcoin, are an important asset. Surely, this article has cemented a bottom in crypto prices. If the German government is allowing institutional investors to invest as much as 20% in crypto assets, I say to bottom is in and the correction over.
Indeed, we don’t want to jump the gun. So, waiting for the bulls to push prices past the $42,600 level, a critical chart inflection point, in my opinion.
Conclusion
Unfortunately there is no bitcoin breakout yet, but evidence is mounting to support a much higher prices for the king of crypto. Looking over the charts and applying basic technical analysis tells us to be patient and watch the $42,600 price level and be ready!
Checkout my last post on crypto currencies where I outlined the technical set up for Bitcoin and Ethereum.
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