Crypto

The most recent rally in Bitcoin last week brought BTC back above $20,000 and erased much of the “price” damage done by the FTX collapse, though many have called last week’s move market manipulation, I think that’s just an easy way of saying you don’t know why a market is moving.

Bitcoin kicked off the new year at $16,531 (Coinbase) and closed on the first day of January only $10 off of the highs at around $16,620. Closing on the highs was just one clue that BTC was about to turn bullish.

Fourteen years ago today, on January 3rd, 2009 the Bitcoin blockchain mined its first-ever block. I want to compare Bitcoin with the two indexes it tends to follow and how all three of them will react in this new year, the young, the old and the new.

Fellow traders following along with our trades should put in a limit order in current BTC short trade we initiated on December 16th. We sold BTC at $16,850 with very tight protective stops at $17,350. Now is the time to put in a limit on your short trade to pull profits at $16,400.

Yesterday after declining from just under resistance at the long-term 78% retracement ($17,779) losing around $450, Bitcoin completed one of the most accurate of candlestick patterns, the “three river evening star”.