Bitcoin ($BTC) followed through on its recent breakout above the September highs, jumping approx. +10% higher over the past week.
As anticipated and shown in our previous post, $BTC is now testing the $59,000 area of resistance.
In the short-term, Bitcoin could easily see a few days of healthy consolidation around the current $59,000-$60,000 level.
However, a swift surge to new all-time highs in the coming days would not be surprising, as $BTC is now less than 10% below its April 2021 record high (approx. $64,800).
Unlike Bitcoin, Ethereum ($ETH) is still trading below is September high.
However, $ETH started playing catch up by breaking out above the high of its recent consolidation and prior swing highs (from mid-September) on October 14:
As shown above, the next $ETH resistance level to watch is around the $4,000 level (early September highs).
The recent breakout level above the $3,700 area should now act as support on a near-term pullback.
The $ETH position in our Model Crypto Portfolio is now showing a gain of +19% and the $BTC swing trade is currently +9% higher than our October 7 buy entry.
We will continue holding both $BTC and $ETH to maximize profits–as long as the price action and volume patterns remain healthy.
We will also trail our stop prices higher to lock in profits along the way–just in case of a sudden correction near resistance of the all-time highs.
As always, we will immediately send a Crypto Trade Alert to Morpheus Crypto subscribers if we take profits or raise the stops.
Remember to trade what you see, not what you think!
Deron Wagner, PhD (h.c.)
Founder @ Morpheus Trading Group
Co-founder @ MAST crypto fund
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