How to Tell When Bitcoin Has Bottomed

There’s good news and bad news. [Jeff Clark's Market Minute]( How to Tell When Bitcoin Has Bottomed By Jeff Clark, editor, Market Minute There’s good news and bad news for bitcoin [bulls]( The good news is that the “King of Cryptocurrencies” is nearing a bottom. The bad news is… it isn’t here yet. Bitcoin has had a difficult 2022. It came into the year priced at about $47,500 per coin. It closed Friday near $29,600… Recommended Link [Live from Miami – the crypto capital of the U.S… America’s Boldest Bitcoin Experiment]( [image]( “Watch me test a little-known crypto move, on the fly, and see how to make 10-times more money from Bitcoin… right in any regular brokerage account.” This works whether Bitcoin goes to $100k – or $10k! [Click here to watch LIVE demonstration!]( -- So, bitcoin is down more than 33% this year – far outpacing the losses in all the major stock market averages. And, after a big drop in early May, bitcoin spent the next three weeks chopping around in a relatively tight trading range between $29,000 and $31,000 – building energy for its next big move. The bulls hoped that move would be higher. And, for a moment last week, it looked like the bulls were going to get what they were hoping for. Take a look at this chart of bitcoin… [(Click here to expand image)]( Last Tuesday, bitcoin surged 10% higher… breaking out to the upside of its trading range. It was a monster move. And it had a lot of the financial talking heads declaring that bitcoin was now in “rally mode.” I wasn’t so sure. As I told my Delta Direct subscribers: I don’t trust the move. Many of the bitcoin stocks didn’t do much of anything. And, since the stocks tend to lead the action in bitcoin, I’m not convinced crypto is ready for a new rally phase just yet. By the end of the week, bitcoin gave back all of Tuesday’s gains. The King of Crypto’s is back inside its month-long trading range. 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. Traders need to remember that just as oil stocks tend to lead the price of oil, and gold stocks lead the price of gold, bitcoin stocks are likely to lead the price of bitcoin. We’ll know when bitcoin is ready to rally because we’ll see it in the bitcoin stocks first. For example, look at the following charts of two bitcoin mining companies – Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT)… [(Click here to expand image)]( [(Click here to expand image)]( While the price of bitcoin appeared to be breaking out last Tuesday, MARA and RIOT remained inside their declining channel patterns. If the bitcoin breakout was real, these two stocks would’ve been breaking out to the upside as well. Their failure to do so was a strong clue the bitcoin breakout was a bluff. [The 27-Piece Survival Guide for America’s Next Banking Crisis]( So, if you want to know when bitcoin is ready for a genuine, intermediate-term rally, then pay attention to the bitcoin stocks. We should see bullish action in the bitcoin miners before we see it in bitcoin itself. Until that happens, any so-called “breakout” in the King of Cryptocurrencies will more likely prove to be just another “fake-out.” Best regards and good trading, Jeff Clark Reader Mailbag Have you been buying bitcoin lately? If so, do you think it will rally soon? Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. 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But what’s about to happen will make rampant inflation look like a minor inconvenience in comparison… [Click here to see what you need to do right now to prepare.]( [image]( Get Instant Access Click to read these free reports and automatically sign up for daily research. [An Insider’s Guide to Making a Fortune from Small Tech Stocks]( [How to Earn Free Bitcoin]( [The Ultimate Guide to Taking Back Your Privacy]( [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. 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