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The crypto community rejoiced over the weekend after former president Donald Trump pledged to build a strategic bitcoin stockpile while speaking at the Bitcoin 2024 Conference. Despite the buzz, crypto traded lower today. Jeffrey deGraaf, CMT, CFA, chairman and head of technical research at RenMac, shares his technical view on bitcoin.

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Well, joining us now with the technical look at Bitcoin and other parts of the market is Jeff Degraff from Renaissance Macro Research. Jeff, at what price does this Bitcoin move get really interesting? Well, I think if you break it up through 73,000 and that's a real legitimate breakout, that actually counts pretty close to 100,000 if you can break that out, not quite right around 96,000 on the upside. So you know, we think it's an important measure of liquidity. We think it's a part of the whole kind of infrastructure, if you will, ecosystem with speculative assets, but it is one of the keys for us along with other credit spreads and some of their measures. Regarding the health of this market, so we certainly are more interested in a breakout than a breakdown. And as long as it stays about 55,000, I think the path of least resistance is higher and this will just prove to be a long consolidation in this ongoing uptrend. OK, well, we'll keep an eye on that one. And then also copper, you say copper is oversold at this point. I was overbought for quite a while on the way up. So why is this level now significant? Well, you know, overbought conditions and uptrends are are meaningless. It's kind of a function of the trend, right? You're always, if you're, if you're trending higher, you're going to just be perpetually overbought. So we use oversold conditions in uptrends to give us some sense as to where the likelihood of a reversal is and to reengage in that uptrend. And we saw that over the weekend where our oscillators, which take into account volatility and some other factors started suggesting that we were oversold enough finally to get a good buy. Signal in this ongoing uptrend and I think it's important that it's not just in copper, we saw it in silver, we saw it in aluminum, we've seen it in quite a few of these of these metals. And frankly we're seeing it globally and some indices, some currencies and obviously some some tech stocks as well. So yeah, at this stage of a bull market, you really, you really have to have something special if you're going to chase something and buy a breakout or buy something at a 52 week high. We prefer to see these consolidation, the these corrections and these uptrend. We call optimal entries and certainly copper triggered as one of those this weekend for us.

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