Good Morning,
In last night’s portfolio update, I mentioned that I was wanting to reserve about 5-10% for a Bitcoin position. Well, the overnight action has definitely caught my attention this morning. Here are some charts I’m looking at:
Weekly:
This chart shows the historical breakouts from the 4 year cycles. If history repeats, Bitcoin looks to be on the verge of another breakout. Price of course would need to confirm, and if I do take a position (looking more and more likely) it will be a half size (5%) to start out with. I’ve already shown where I would set my stop on this position.
Here is the daily chart:
A few things I’m looking at here:
Price is flirting with a move above the 50-day, which is above the 200-day.
For this move to be taken seriously, it would need to close > the level indicated $9480
The momentum looks coiled and ready for a bullish crossover right around the zero line
Here is the hourly PnF chart with box size 80:
As shown, price is above a bullish 45° trend, and I’ve indicated some PnF targets (objectives) that I can generate. It appears like there would be some gas in the tank for a nice move up and out of this range (finally). Also, note the momentum is still riding above the zero line and may end up curling up right above it.
Finally, here is a daily PnF chart with box size of 8%:
This is a “Close-Only” chart, which is more conservative than the “High-Low” chart. From this conservative close-only chart I can generate some very high counts up to $89k. I am ready to add a half position (maybe today), and am just looking to see how this daily bar progresses. I will be sure to send the update out as soon as I decide on a position.
Have a great day!