be_ixf;ym_202106 d_24; ct_50

Select Page

Bitcoin May Be Poised for a Major Breakthrough

Bitcoin May Be Poised for a Major Breakthrough

Everyone’s trying to get a clue on where bitcoin is heading.

It is the largest cryptocurrency on the market. And after sliding lower since the start of the year, it’s currently in a bear market.

Crypto bulls have been clamoring to buy it all the way down. At the same time, you have the bears in your other ear claiming this is just the start of a collapse that will send the value to practically nothing.

There’s never been more uncertainty around an asset that is as widely covered as bitcoin.

Investors are simply unsure of the next major move.

But this chart of bitcoin is quickly revealing that direction — and it’s bullish right now.

Bitcoin / US Dollar

The volatile asset has been trading in a downward wedge pattern all year. It’s making lower lows and lower highs at the same time.

But the lows are turning around at a slower slope than the highs, which creates the wedge formation you see in the chart above.

Bitcoin surged 10% on Tuesday to officially climb out of this downward wedge formation.

You can expect to see much more buying pressure on bitcoin. We want to see this rally go above the previous major high of around $10,000 or 42% above its current price.

If it fails to hit that level, then this could be a false breakout.

A Bullish Breakout

For now, the trade is bullish, and I’m expecting to ride it higher from here.

Readers of Automatic Profits Alert are already long bitcoin. And this bullish breakout means we are on the right side of the trade.

Regards,

Chad Shoop, CMT

Editor, Automatic Profits Alert

Newsletter Sign Up

Sponsored

MEET OUR EXPERTS

WHAT READERS ARE SAYING..

“Loving the 238% gain after I bought your recommendation in Sept. 2019! This week (July 21, 2020) will be my 1 year anniversary with your amazing team … thanks for the life-changing work you all do! Between all your services, 14 triple-digit gains, the greatest at 358%!"

- Matt

"You told me to ignore the noise on Wall Street. And thanks to you, I started towards the end of 2016 with $200,000 in my account and I recently put in an extra $100,000. [As of February 2019] My account is worth $500,788! I would’ve missed out if I followed conventional wisdom."

- Helen C.

"You have done once again!! You are reminding me of the GREAT Joe DiMaggio with your consistent hitting!! You knocked this one out of the park!"

- Keith S.

Share This