This was a rare Bitcoin advisory on 3/20/24 which we had a huge profit on. Normally we cover LABU, SOXL, TQQQ, TNA, NUGT both bull and Bear sides but thought you may enjoy this analysis.  Most Alerts are much more concise. - Dave

Bitcoin Play- Charts below then commentary

Long Term Monthly Chart running into resistance, pullback is normal here

Weekly chart shows possible Wave 4 38% retracement after huge run, this is part of a larger 5 wave larger Wave 3...  75k target would be the lower end in my opinion fwiw... 

Daily chart shows 7 day pullback from all time highs as part of a wave 4, could see 58,500 even which would push BITX down 16-17% from current $44 area, so we will start with 10% position 1/2 sizing in a range.... the bottom could also already be in at 41 area this morning as well...

Bitcoin correcting so far is normal, especially after setting all time highs and FOMO kicked in. A lot of traders in crypto get on margin when Bitcoin runs hard and they buy Alt coins on margin, and then liquidate Bitcoin to pay down margin, this can cause a fast cascade of selling... and frankly its a typical wave 3 top in sentiment, followed by a correction in sentiment and price in a wave 4 pattern down...

This is only a 2x ETF. I can make a case for 75,000 on BITCOIN which would push BITX up 34% from current levels intermediately.  In addition, we could work a bit lower on the weekly charts to 59,000 area which would put BITX lower so if that happens and you have the stomach we will double up.  Be prepared for volatility near term and as I always advise, use a lot of "micro-trades" or small position adds to build and take advantage.

Trade Parameters:  BITX 2x Bull Bitcoin, 44.61 at time of post

10% position of 1/2 size as we often double up later on dips

Max price 45 but could see 41 area on dips so work in over days here

No stop as we may add as low as 37-39 area on further dips to a 20% position

Target could be as high as 59 area from 44-45 here eventually if my patterns are correct

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