If you’re not a big fan of trading cryptocurrencies, like Bitcoin, that’s understandable.
Many traders – including myself – don’t trade it directly.
But that doesn’t mean we should miss out on the rally.
Instead of trading Bitcoin or other cryptos directly, we can trade mining stocks, like Marathon Digital, Riot Platforms, the ProShares Bitcoin Strategy ETF, and even MicroStrategy, which now holds about 214,400 Bitcoin.
One of the best ways to know whether to go long or short Bitcoin, or any of those mentioned Bitcoin-related stocks is by paying close attention to technical pivot points. For example, by paying attention to the Bitcoin Bollinger Bands, relative strength, Full Stochastics, and Williams’ %R, it’s easy to spot where to buy and when to go short.
Granted, it’s not a perfect system. That doesn’t exist. But it will help point you in the right direction, based on momentum.
Here’s a two-year chart of Bitcoin, for example.
