Laser Eyes are Back - Bulls Regain Control
The chatter among the laser-eyed crypto fans is back.
The B Word event (a meeting of the minds: Cathie Wood, Jack Dorsey, & Elon Musk), a job posting for a digital currency executive by Amazon, and a short-squeeze sparked a 30% rally in the price of Bitcoin in just a few days.
So is that it? Is the bottom in? Is it upward and onward towards $309K? (That's a price target I just saw by a "crypto expert" on my Twitter feed). 😁
It's impossible to know where to from here but as long as we stay above 28K it makes sense to have a bullish bias as price continues to trade in a range within a longer-term uptrend.
The below doesn't matter to the HODLrs but for traders, these are the key levels to pay attention to.
What about the crypto proxy stocks? What can be said for these volatile trading vehicles?
The below charts paint a similar picture. The price action continues to be range-bound but prices have recently gotten back above the 200-day moving average.
This is a win for the bulls and could be a sign that investor sentiment is improving after steep declines.
It's normal to see prices digest gains or losses by trading sideways for a period of time as bulls and bears fight for the upper hand. Right now it looks like the bulls are back in control.
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