• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock Bitcoin Sets Up with Classic Continuation Signal
Stock

Bitcoin Sets Up with Classic Continuation Signal

by May 17, 2024
by May 17, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

There is a certain ebb and flow in uptrends. Often we see some sort of stair step higher with big advances and smaller corrections along the way. In Dow Theory terms, the primary trend is up and declines within a primary uptrends are considered secondary price moves. Also called corrections. Corrections and subsequent reversals offer traders a chance to partake in the uptrends. Today’s report will focus on the Bitcoin ETF (IBIT). ChartTrader at TrendInvestorPro specializes in such setups and IBIT was featured in Thursday’s report and video.

The chart below shows IBIT doubling with a move from 22 to 44 (January 23rd to March 12th). Bitcoin, the underlying asset, hit a new high in March so I will assume this is a new high for IBIT, even though it started trading in January. Despite its short history, we can see the classic ebb and flow of an uptrend on the price chart. The 100% advance is part of the primary uptrend and the decline back the low 30s is a secondary move, or correction.

Also notice that this correction retraced 50-61.8 percent of the prior advance and formed a falling wedge. This retracement amount is normal for a correction. Think two steps forward and one step backward. The falling wedge is also typical for corrections and provides us with clear resistance levels to watch for breakouts. IBIT broke the upper trendline and exceeded the early May high with a surge this week. This breakout signals a continuation of the bigger uptrend and targets a move to new highs. The green shading marks re-evaluation support at 34.

I featured this IBIT chart in the ChartTrader report and video this past Thursday. We are also seeing a similar setup in a related ETF and this was posted on Friday (17-May). ChartTrader reports and videos focus on tradable setups within bigger uptrends. Recently we highlighted Vertex (VRTX), Oracle (ORCL), Crowdstrike (CWRD), the Cybersecurity ETF (CIBR) and the Home Construction ETF (ITB). Click here to learn more.

——————————————–

You Might Also Like
  • From Summer Doldrums to Year-End Surge: How to Profit from Seasonal Trends in Precious Metals and Bitcoin
  • The Ord Oracle September 18, 2023
  • AMD at a Crossroads: Buy Now or Brace for More Losses?
  • Sector Rotation Warning: More Downside Ahead for US Markets?
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Is This The Magic Upward Break Everybody Was Waiting For?
next post
Gold Is Doing Great!

You may also like

GNG TV: Rotation into Industrials, New “Go” Trend

June 30, 2023

Week Ahead: Markets’ Reaction to Exit Poll and General Election...

June 3, 2024

Is the Trump Rally Like the Reagan Rally?

November 11, 2024

Sector Spotlight: This Sector is On Fire

February 21, 2023

Check These Out: Buyable Pullbacks Under the Surface!

November 20, 2023

How to Spot a Market Rebound Before Everyone Else Does

March 12, 2025

Another New High for the Year?

July 19, 2023

5 Must-Know Interactive Features to Supercharge Your Charting

May 20, 2023

Here’s Why Growth Stocks Outperformed Last Week!

December 9, 2023

Breakout Or Failed Breakout: It’s Important To See The Difference

January 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025
    • Amazon extends Prime Day discounts to 4 days as retailers weigh tariffs and price increases

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,630 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,661)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,661)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    AI Stocks and Their Impact on...

    January 28, 2025

    How Mega-Cap Names Dominate Through Market...

    October 16, 2023

    This Report Might Self Destruct in...

    April 11, 2025
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here