It's back! Well maybe...I think. Is that decisive enough for you?
Of course, I am not talking about Jack Nicholson, Jaws or a new Star Wars sequel but Bitcoin.
Bitcoin you say?
Yes, Bitcoin! The darling of 2017 portfolios and cocktail party banter!
Maybe you remember Bob, the guy with the crowd gathered around him at the party who had the crowd memorized with his story of how he turned a $3,000 investment in Bitcoin into a new life as a millionaire. Maybe you hated Bob as much as I did! Darn Bob!
How did Bob do it?
He rode the trend upward to riches. Now Bob was fortunate to investment in Bitcoin before it took off on a parabolic upward move, but Bitcoin may still have a big move left in her. Just maybe!
Here is the deal, nothing moves straight up and Bitcoin took a pretty hard spill, but we are now seeing new life that could once again lift it to its former highs.
The decline was what we call in the business a Pennant Pattern. You can vaguely make out the Pennant between the two dotted lines in the top panel of the chart window.
As luck would have it, price this week moved above the top pennant pattern dotted line, which could be signaling a new price move in Bitcoin.
This move is also confirmed by the earlier trend line break of the RSI (bottom chart panel) and is close to confirming in the middle chart window with the MACD moving averages ready to cross and the blue histogram close to moving above the middle zero line.
Why Do I Tell You This?
This may be a great opportunity to make a pretty good return!
Hopefully, you then say to yourself, "self...what else can Jeff and InTrust Advisors do for me?"
That is why! Simple self interest!
Here is why I believe the opportunity bears watching!
If you measure the left side spread between the flag pattern lines (blue dashed) in the top chart window and then measure up that same distance from the point price broke above that top flag pattern line, it points to at least a retest of the highs.
A retest of the highs in bitcoin would be a 115%+ move from today's close. That would be nice wouldn't it?
How Do I Invest?
Don't call me on this opportunity, I cannot help you with it.
The best thing to do is open an account at one of the many bitcoin exchanges, such as San Francisco based Coinbase, and then make the trade yourself.
Just don't forget us when you have the talk with your future self on the information we provided you and the return you hopefully made on your investment.
Want to know more, download our free report entitled Currency Markets, Bitcoins and Perspective.
Now the disclaimers:
As always, investing does entail risk and this is a speculative trade. There is risk to your principal and our analysis could be wrong or market conditions could change.
Past performance may not be indicative of future performance. We would advise you to seek the advise of your own dedicated financial professional.