The Next Leg Higher for Bitcoin

The next leg higher in Bitcoin appears to be underway as the asset tests $50,000 in overnight trading. Volume is picking as well, folliwng a 10 day consolidation. In addition, Ethereum moved to $3,700, its highest level since mid-May. Bitcoin’s next resistance level is near $60,000 (+/-).

Bitcoin and Blockchain Assets are Bullish

Price action bounced off support at the rising 21d exponential moving average. Momentum is bullish, so we’ll look for a tailwind in many of the assets noted herein.

Coinbase and Marathon Digital look ready for a move higher too. We will buy the dips if Bitcoin continues showing relative strength and volume. We have positions in COIN (shares) and MARA (calls).

MARA

Ethereum is currently right behind Bitcoin, with a market capitalization of $434 billion, according to data trackiing service CoinMarketCap.  It experienced a 15% surge within the past seven days.

Grayscale’s Ethereum Trust (ETHE) is following the assset as it moves through $3,700. Momentum is bullish; lower panel. Click to enlarge.

Futures are looking bullish going into the opening bell. Jobsless claims fell slightly.

the Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment and trade Bitcoin and related assets discussed herein. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.

Happy Trading,

Vinny

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