On yesterday’s Morning Monster, Jeffry took a dive into the rollercoaster ride that Bitcoin’s recent rollercoaster ride.
After peaking in mid-March at an all time high of over 73,000, the digital currency has wavered, even touching down as low as 58,000.
Jeffry noted that Bitcoin was rallying right up into the Fed announcement, only to get slammed back down hard and fast into the close.
Jeffry highlighted that this wasn’t just a one-off drop. Bitcoin continued to get beaten down through the night until about midnight.
But despite the rough ride, Bitcoin managed to hold a higher low. Jeffry pointed out that if you look closely, this higher low indicated a somewhat bullish trend on the smaller time frames.
He shared his perspective on reading the story the charts tell, emphasizing that different time frames can reveal different aspects of the market’s story.
For Jeffry, it’s about finding the time frame that tells the clearest story. Sometimes the daily chart gives the full picture, but other times, you have to zoom into the 15-minute charts to really understand what’s going on.
Jeffry also talked about the trend lines and technical indicators. While he acknowledged that trend lines are one of the weaker technical indicators, he noted that as long as those lows are climbing, Bitcoin is in a bit of an uptrend.
Even with the big ups and downs, Bitcoin is holding its ground above certain resistance levels, suggesting potential bullishness ahead.
Finally, Jeffry threw out some targets, mentioning that if Bitcoin can break above the upper purple trendline on the above chart, we could see it moving up to the 77,000 to 78,000 range, and possibly even hitting 85,000.
While he didn’t mention it in this episode, his long term view for targets above 100,000 — possibly far above 100,000 is still in effect.
Just keep in mind that sometimes after a halving, Bitcoin tends to waffle for about 6 months before really going on that monster run.
— The Jeffry Turnmire Trading Team
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