Today, Bitcoin passed two more milestones:

1. It closed with a “BUY” signal

2. It closed above the trending dots

Now it’s looking to see if it can turn $65.5K into support—or if it’ll reject at the trendline.

Jesse covered those milestones and what they mean on the live stream:

This price increase also means the monthly is no longer showing a reversal candle, like it was earlier in the month.

These changes in Bitcoin are coming at the same time as the pullback in the market is taking a breather.

The VIX bounced off the 200W moving average. We’ll see if it sets a higher lower or sinks back to the lows.

Gold continued to take a breather from its rapid ascent.

The S&P put in its first green day after 6 straight days of red and the daily RSI hitting 30.

Passing these milestones continue to improve the likelihood that the bottom of the correction is in for bitcoin.

“Improving likelihoods”

Notice, we say “improve the likelihood” the bottom is in. That’s because in trading, you can never be sure. This could be a fake out to the upside, and price could start dropping back to $52K.

That can be frustrating if you want clean answers and 100% hit rates of when to buy and when to sell. The market just doesn’t work like that. It’s a game of probabilities and setting up the risk-rewards in your favor.

This is why it’s so important to set up trades with criteria to cut losses if price heads the wrong way and take profit when you’re right.

Do that reliably, and you’ll become a profitable trader.

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Disclaimer

The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational & entertainment purposes only.