Bitcoin bulls surpass Elon's high - targeting 50K+ end of month

Bitcoin is looking mighty strong today with bulls pushing above Elon's high at 38700, currently 39300:

This is an ascending triangle formation and the break higher should lead to continuation.

Surpassing Elon's High

All downward sloping trend-lines have now been breached and closing power above the triangle top will open up the path to the mid-January highs at 40000, followed by the all-time highs at 42000:

On our daily chart we have two objects suggesting we will breach 50K by late Feb / early March - a measured move from the last leg which was 43 days and more than 25000 points, the second is the former support line where Elon choked at the end of Jan and is now acting as resistance:

I especially like that second one as it's essentially a conservative target - we don't even need the trend to accelerate to get there!

Long time no chart

It's been a while since my last update, I've been bogged down with day job and an immigration matter (if you've never been bogged down with one of these before they are awfully fun, even more so than taxes - highly recommended!).

I did manage to do a bit of paid forex writing for my bud @forexbrokr between those, but beyond that, my own trading and a cheeky discord chart or two, didn't have the bandwidth for much else.

Remember I shared my strategy in Beating Bitcoin with a Simple Trend Following Strategy - Part 3, so you can always see where I'm at whether I post here or not.

That final and best post in the series where I revealed my "secret" largely went under the radar, so it's worth a look - I may remove the data from the front end some time soon, but you'll be able to find the data on the chain if you're reading this in the future and know where to look.

Strategy update

Either way, the strategy has performed exceptionally well in lieu of updates - it was long from 19K last I wrote, and issued a take profit signal right before the big sell off:

We then got a buy signal 10 days later on the 31st of Jan and I put my money where my mouth is and a substantial amount of skin in the game - I won't go into the details of my personal finances here (@ausbitbank ;)), but safe to say it's a level of risk I would not recommend to an inexperienced trader.

I'm very happy with how this position is evolving and it feels great hitting for the fences with a proven strategy reinforcing my resolve.

A portion of this exposure is via Binance's leveraged token BTCUP which essentially takes the degen and death spike risk out of margin - with your leverage decided and automatically adjusted by Binance's algos (capped at 3:1) and liquidation/margin call risk eliminated.

I will likely be more nimble with that leg of my position as it does still carry a substantial factor of risk over spot, but for the moment I am holding it while our strategy says hold.

Congrats to everyone else who caught this leg and give me a shout if you need some help following the strategy - essentially if you've missed a entry signal, any down day is a good day to enter while the strategy is bullish.

Good luck out there!

Posted Using LeoFinance ^Beta