Tackle Today: About that Bitcoin Chart
July 28, 2021
≈The flip has switched≈
Traders,
Two days ago, we featured bitcoin (/BTC) as our chart of the day. However, it deserves some further commentary because there are fascinating takeaways from its sudden reversal.
It’s a lesson in trend reversals.
Isn’t it amazing how sudden the crypto king’s awakening has been? There weren’t any major bottoming patterns or reversal signs that preceded Monday’s surge. No double bottom, no inverted head-and-shoulders, no oversold “V” shaped rip.
It’s as if the market gods flipped a switch and said, “that’s enough!”
Bitcoin is up for the third day in a row this morning, pushing past $40k. How high will it go? No idea. Your time and effort are better spent identifying the path of least resistance and trading in that direction than deluding yourself into thinking you can determine the magnitude or duration of a trend.
Coach Matt and I highlighted $36k as the level that needed to be broken to bring bulls back, and we’ve now taken it out.
The uptrend is back. Now we see how long it lasts.
#TeamTackle
Chart of the Day
Bitcoin Goes Boom
Bitcoin is wrestling with the next major resistance zone near $41k. Closing above it would signal the next major victory for the nascent uptrend. Color me impressed if we get it done on the first attempt.
Video of the Day
Sector Analysis
Coach Matt analyzes the sectors in the stock market from a top-down perspective in this clip from Monday’s Halftime Report. #swingtrading #trading #investing #stocks #stockmarket #stockmarkettoday #HTC #TeamTackle $XLY $XLI $XLK $XLC $XLB $XLE $XLP $XLV $XLF
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