{"id":23141,"date":"2025-02-07T07:30:00","date_gmt":"2025-02-07T12:30:00","guid":{"rendered":"https:\/\/jeffclarktrader.com\/market-minute\/?p=23141"},"modified":"2025-02-06T11:09:33","modified_gmt":"2025-02-06T16:09:33","slug":"the-bitcoin-setup-is-now-bullish","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/the-bitcoin-setup-is-now-bullish\/","title":{"rendered":"The Bitcoin Setup Is Now Bullish"},"content":{"rendered":"

I’ve changed my mind on Bitcoin. The setup looks bullish now.<\/p>\n

Yes… It was just one week ago when I presented the bearish case<\/a>. Bitcoin was trading near $104,000 and bumping into the resistance line of its consolidation pattern.<\/p>\n

The momentum indicators were showing negative divergence. It seemed to me the odds favored a pullback in Bitcoin at least towards its support line at $92,000.<\/p>\n

We got that pullback last weekend.<\/p>\n

Heading Back Up<\/h2>\n

Unlike most financial instruments, Bitcoin trades around the clock. So, while most of Wall Street was enjoying their weekend, the King of Cryptocurrencies was falling – hard.<\/p>\n

For whatever reason, the tariff-related headlines that started last Friday afternoon and continued through the weekend caused some selling pressure in the crypto market.<\/p>\n

Bitcoin tumbled all the way down to $92,000, tagging its support line, and hitting my initial downside target.<\/p>\n

Since then, the tariff headlines have mostly been resolved – at least temporarily. And, Bitcoin has bounced.<\/p>\n

Take a look…<\/p>\n\n

<\/p>\n\n\n

\"\"<\/figure>\n\n

All the momentum indicators at the bottom of the chart are in neutral territory (the CCI is actually just a bit oversold). And, all the various moving averages are now coiled together at about the $100,000 level.<\/p>\n

Energy is building for a bigger move. And, since the tariff scare last weekend couldn’t cause a breakdown, my guess is that “bigger move” is now going to be to the upside.<\/p>\n

At a minimum, Bitcoin should at least make a run back up to the resistance line at $106,000. But, if it can break through that level, we could see a move as high as $120,000.<\/p>\n

In other words, what looked like a potentially bearish setup last week has flipped to bullish.<\/p>\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<\/div>\n

Bitcoin did indeed move lower, as we suspected it would. But, it found support and stayed inside its consolidation pattern.<\/p>\n

The next move should be another challenge of the resistance level.<\/p>\n

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

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

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

We got the bitcoin pullback I was looking for\u2026 now it’s headed back up. <\/p>\n","protected":false},"author":100,"featured_media":0,"comment_status":"closed","ping_status":"0","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-23141","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\/23141","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\/100"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=23141"}],"version-history":[{"count":2,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/23141\/revisions"}],"predecessor-version":[{"id":23150,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/23141\/revisions\/23150"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=23141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=23141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=23141"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=23141"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=23141"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=23141"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=23141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}