45000 is a breakout buy signal for Bitcoin and we believe that level will clear very soon, states Larry Tentarelli of the Blue Chip Daily Trend Report.
We would use just below the recent 38500 low as a stop loss. As of this post, Bitcoin is trading at 44624.89. Bitcoin recently pulled back by 21.5%, with the approval of 11 spot-bitcoin ETFs. After testing support, over 38000, Bitcoin recently cleared a few key technical levels: First, 40000, second, the 20-DMA, near 42000 and finally the 50-DMA near 43000.
We believe the recent drawdown is completed and the 45000 level will be a breakout buy signal.
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On the monthly chart, 38500 remains as key support with 45000 and 49500 as key potential breakout levels. Our longer-term view is that Bitcoin will make new all-time highs, over 69000, within the next 12-24 months.
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Learn more about Larry Tentarelli at the Blue Chip Daily Trend Report
