The “King of Crypto” Is Ready to Run

There’s some strength here. [Jeff Clark's Market Minute]( The “King of Crypto” Is Ready to Run By Jeff Clark, editor, Market Minute The “King of Cryptocurrencies” is set up for a rally. Bitcoin has been falling hard for the past three weeks. But lately it’s been showing some strength. And that strength has created a potentially [bullish]( setup on the daily chart… Recommended Link [INFLATION BUY ALERT]( [image]( Check out these huge price increases over the past year: - Gas: +48% - Used cars: +35% - Hotel rooms: +25% - Airfare: +24% - Rental Cars: +23% - Furniture: +16% - Meats, Fish, Poultry and Eggs: +14% - Electricity: +11% - Food: +10% - Rent: +5% Pretty brutal. But what if you could make all of that back – and A LOT more – with inflation-busting investment plays? Well Dave Forest just closed out on a 10-bagger that soared as inflation increased. Here’s how he did it – PLUS the details on his latest inflation-busting recommendations… [The 10-Bagger Inflation Play.]( -- Take a look at this bitcoin to U.S. dollar chart… [chart] [(Click here to expand image)]( The chart shows an “ascending triangle” pattern (dotted red lines). It’s a bullish pattern that can often lead to an explosive move higher. Bitcoin broke out to the upside of the pattern last month. But it was a false move (a fake out), and the “King” quickly fell back inside the pattern. Last week, bitcoin tested the [support]( line of the ascending triangle. Support held, and bitcoin bounced. Now, it looks like bitcoin is in a better position to stage a breakout. The support and [resistance]( lines of the triangle are now closer together, which increases the likelihood of a sustained breakout. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. All the various moving averages are coiled together near the $42,000 level. Energy is building… And bitcoin is currently trading inside the cluster of its moving averages. If bitcoin can rally above its 50-day [moving average]( (MA – blue line) at $42,136, then it’s likely headed toward the resistance line of the triangle near $45,000. And if bitcoin can rally above resistance, then the pattern suggests a rally back up to the December high near $51,000. Of course, nothing is guaranteed here. Bitcoin could break down from the pattern by dropping below the support line at $39,000. In that case, the “King of Cryptos” will likely be headed toward $35,000. [[Bombshell Claim] The ONLY Stock You Need to Retire Wealthy]( But I like the idea of owning bitcoin here. Traders can buy it near $42,000 and keep a stop at $39,000 – risking $3,000 per coin. On the other hand, if bitcoin breaks out to the upside it could run to $51,000. That would be a $9,000 gain. From a risk/reward perspective, we’re risking $3 to make $9. That seems like a good setup in my book. Best regards and good trading, [signature] Jeff Clark Reader Mailbag In today’s mailbag, Delta Report member Thiago shares his thoughts on Jeff’s recent Open Line Q&A session [subscribers can access that here]( I'm a new trader with no experience. I watched the Q&A, and it helped me understand how options work more clearly. I really enjoy Jeff’s Delta Report. You’re an excellent professor! – Thiago T. Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. In Case You Missed It… [iPHONE WARNING: Obsolete?]( Why is Jeff Brown throwing away a perfectly good $1,000 iPhone? 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