BY LICIA LESLIE
March 24, 2024
Hi Shoppers,
Bitcoin (Ticker: BTCUSD) has pulled back off its all time high of $73,835 traded on March 14th.
Looks to be to be building a base here as it continues to test my support level at $63,000 at the base of my pitchfork on the daily chart:
It is also honoring an uptrend line that goes back to the beginning of February.
On a bounce BTCUSD will trade back up to resistance at $68,700 (blue line).
Looking at ProShares Bitcoin Strategy ETF (Ticker: BITO), it is also holding support here:
I will be looking for it to trade higher tomorrow morning and then I will be shopping for calls:
The markets are a bit wide, but I like the Arp12 30 calls.
First level of resistance comes in at $31.40 and then $32.20.
Use a close below $28.00 as your stop loss.
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SPDR S&P 500 ETF (TIcker: SPY) traded lower on Friday and I think has a bit more room on the downside before continuing this rally.
Don’t forget to sign up for our special live event on crypto Thursday night.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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