{"id":21004,"date":"2023-06-26T07:30:22","date_gmt":"2023-06-26T11:30:22","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=21004"},"modified":"2023-06-26T07:30:22","modified_gmt":"2023-06-26T11:30:22","slug":"on-the-cusp-of-bitcoins-next-move","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/on-the-cusp-of-bitcoins-next-move\/","title":{"rendered":"On the Cusp of Bitcoin\u2019s Next Move"},"content":{"rendered":"

Bitcoin has evolved quite a bit from its early days on the scene.<\/p>\n

I first started trading bitcoin around 2016 and the volatility was seriously intense.<\/p>\n

There was this period between March to June 2016 where bitcoin doubled in price, going from about $385 to over $770.<\/p>\n

At the time, this was an incredible thing to see.<\/p>\n

But of course, a market that can double in a matter of weeks or months can also experience vicious selloffs too. That’s exactly what happened when bitcoin peaked in June and then proceeded to sell off by 45% in just 45 days.<\/p>\n

Seasoned cryptocurrency traders know that volatility is simply the cost of doing business if you want to profit from bitcoin’s big moves.<\/p>\n

Right now, we’re about to see another big move.<\/p>\n

Bitcoin’s most recent top was established on April 14. Since then, it has gradually made its way lower.<\/p>\n

How<\/em> bitcoin has traded lower is what’s caught my eye and why we might be on the cusp of another great bullish opportunity.<\/p>\n

Let me walk you through a price chart of bitcoin below…<\/p>\n

<\/p>\n

\"Image\"<\/p>\n

The key feature of this price chart is the parallel channel that bitcoin has been trading in from April 14 to June 15.<\/p>\n

You can see how this channel did a great job containing the price action during this period of time. You’ll also notice how bitcoin has recently broken strongly out of this channel.<\/p>\n

The way bitcoin has traded within this channel is typically characteristic of counter-trend price action.<\/p>\n

In other words, breaking out of this structure is a strong signal that bitcoin is getting ready to trade higher once again.<\/p>\n

<\/p>\n

\n
\n

Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/p><\/div>\n<\/div>\n

<\/p>\n

That’s exciting news for bitcoin traders and investors who have been waiting for the crypto markets to start seeing the same kind of gains that tech investors have been recently enjoying.<\/p>\n

To be clear, I’m not saying that this is the start of a new move towards all-time highs in bitcoin.<\/p>\n

But at the very least, this should be a move towards the next resistance zone which spans from approximately $31,500 to $34,500.<\/p>\n

That’s about a 20% move from current prices of around $28,000 or so. The key level keeping this scenario alive is the low from June 15, which comes in at $24,750. A break below this level would mean going back to the drawing board to figure out what else might be going on with bitcoin.<\/p>\n

Either way, I’ll be sure to update you right here in Market Minute<\/em>.<\/p>\n

Happy trading,<\/p>\n

Imre Gams<\/p>\n

<\/p>\n

\n

READER MAILBAG<\/h2>\n<\/div>\n

Do you actively trade bitcoin?<\/p>\n

Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com<\/a>.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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