{"id":22062,"date":"2024-08-09T07:30:43","date_gmt":"2024-08-09T11:30:43","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=22062"},"modified":"2024-08-09T07:30:43","modified_gmt":"2024-08-09T11:30:43","slug":"turning-bullish-on-bitcoin","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/turning-bullish-on-bitcoin\/","title":{"rendered":"Turning Bullish on Bitcoin"},"content":{"rendered":"

For anyone looking to buy Bitcoin, the current setup is the best we’ve seen since the King of Cryptocurrencies peaked in April.<\/p>\n

We turned bearish on Bitcoin in April<\/a> when we noticed a seasonal tendency for it to fall during the summer months. We reiterated that bearish stance on June 25<\/a>. And, we stayed bearish on Bitcoin in July<\/a>.<\/p>\n

Now, however, we’re starting to turn bullish.<\/p>\n

I’m not suggesting the decline is over… or that Bitcoin is headed “to the moon” anytime soon. I’m merely stating the obvious – that folks who wanted to buy Bitcoin in April near $72,000 will do much better buying it today closer to $54,000.<\/p>\n

The Best Summer Setup for Bitcoin<\/h2>\n

The seasonal pattern of Bitcoin selling off during the summer has played out. Now, the chart is showing signs of a potential bottoming pattern – which could lead to a reversal higher in the weeks ahead.<\/p>\n

Take a look…<\/p>\n

<\/p>\n

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

Bitcoin has fallen hard over the past two weeks – losing about 20% of its value. It’s now trading at its lowest price since February.<\/p>\n

But as the price of Bitcoin has dropped to a lower low, two of the three momentum indicators at the bottom of the chart are forming higher lows. This sort of “positive divergence” is bullish. <\/p>\n

It’s often an early warning sign of a potential reversal from a bearish trend to a bullish one. In this case, the positive divergence is signaling a possible rally for the King of Cryptos.<\/p>\n

<\/p>\n

\n
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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

To be clear… it’s not a guarantee. If Bitcoin continues to tumble in the days ahead, the positive divergence could disappear.<\/p>\n

As it stands now, though, it looks to me like Bitcoin is shaping up for a rally as summer slowly turns to fall.<\/p>\n

And, as I wrote earlier, if you were looking to buy it in April at $72,000, buying Bitcoin here at $54,000 is a much better deal.<\/p>\n

Best regards and good trading,<\/p>\n

\"Signature\"<\/p>\n

Jeff Clark
Editor, Market Minute<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Traders who wanted to buy bitcoin earlier this year have a golden opportunity to do so now\u2026<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-22062","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/22062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=22062"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/22062\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=22062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=22062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=22062"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=22062"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=22062"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=22062"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=22062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}