Our 45% trade is still working……and giving us another entry! – December 16, 2024
Dan here at StockMarketMentor.com. I’ve been talking a lot about Bitcoin lately.
Here’s the thing, the reason I’ve been talking about it is because it’s the best trade going that I see now. There’s other stuff; you could be buying Tesla ( NASDAQ: TSLA ) stock, and that thing is just on fire, no question about that. But that’s not what I’m talking about, I’m talking about Bitcoin.
We have a lot of trades, Bitcoin-related trades, on Stock Market Mentor right now, that’s what I thought I’d go over. But the bottom line for this is that it’s just starting the next leg up and I suspect that people who are just really down on Bitcoin are probably gold bugs. I guess Jim Bianco is one of those guys, I thought he was a smart guy, but maybe he is in his own way.
To be bearish on something like this, gold is fine too, but I like Bitcoin a little bit better. It’s given us a better entry. It’s been a hell of a performer this year. Anyway, enough about that. What I want to talk about is IBIT ( NASDAQ: IBIT ). We’ve been long IBIT ( NASDAQ: IBIT ) for quite a while.
We first got on this stock on October 29th at 41.52, clear down here. Now we’re up 45-46 percent on this stock. And frankly, I think this is just starting another move higher, that’s why I’m featuring it here. What I’m talking about is, this stock has been grinding around, I’ll put a box over this to really screw things up.
This thing’s been grinding around in this trading range for a while and it’s just starting to break out and it’s breaking out on volume. What we’ve done is, we’ve protected our position now with a stop down at 55.90. If you were buying this stock right now. ETF, you could put it wherever you want to.
What I like to do in a case like this is when we got a runner, we got a good one going, I don’t want to keep a really, really tight stop on something because you’re going to get a lot of volatility. So instead, I want to give it a little bit of a looser stop just to let it move around. Then at the same time, I also need to protect profits. So it’s kind of a balance here, and this is ours. You can do what you want, but that’s all I’ve got to say about that.
Free Chart