📈 Santa Rally

Is Bitcoin ready for a Santa rally?

Bitcoin Santa Rally

This week is a short trading week due to the holidays. The market closes at 1:00 PM ET on Tuesday and is closed on Wednesday.

I wanted to take a look at Bitcoin because we have recently seen its biggest sell-off since the election and review key levels and what you need to watch.

There is one indicator that will tell the story with regard to Bitcoin: anchored VWAP from the election.

You can see that since Bitcoin initially broke out after Trump was elected President, we have tested anchored VWAP two times now and it has acted as support.

This is a very simple guideline for you that can be actionable. As long as we are above that anchored VWAP, you can consider longs. If we are not, Bitcoin may come in further.

MSTR Key Level

MSTR is a Bitcoin-related name that has gone on a huge run since the election as well.

On Friday we saw an undercut and rally on significant volume.

As for MSTR, just know that the 55 SMA seems to be acting as support but we are wedged between it and the 12 and 22 SMAs, so we may see resistance around the ~$400 level.

This is another easy guideline you can use with your trades.

I run through Bitcoin in more detail, what’s happening in the stock market right now, and my top two stocks I am looking at this week in the video below: