Here’s your trade on Bitcoin. ($GBTC) (October 27, 2020)

by DAN GBTC 
I want to look at Bitcoin ( OTCMKTS: GBTC ). I am not a “Bitcoiner”, I know some of you guys are, that’s probably why you are looking at this video. I think the chart is kind of compelling and the volatility in this stock is pretty impressive. This thing ran 50 percent in essentially a month and now it’s breaking out again. Like I said, I’m not a real Bitcoin ( OTCMKTS: GBTC ) guy but I like the way this stock is trading.

If we look at the weekly chart you can see that this has some good momentum, and on a stock like this once it gets momentum it does tend to keep going. And there is a religion around this; Bitcoin ( OTCMKTS: GBTC ) and Tesla ( NASDAQ: TSLA ), that’s a type of thing that people will just start coming for.

As I look at this stock now, the way I am kind of drawing it, this is the trading range right here. The stock has just now broken above that trading range and now we are looking for the next move higher. Can it go to 19.00? Frankly, it sure as heck could, this thing could easily run up to 19.00. And in fact, I would say that (I’ll make this quick), I would say that’s my next stop for this stock.

I would look to buy it here, maybe keep a stop just a little bit under 15.00, if you get shaken out you can always get back in. So you put a stop just a little bit under 15.00 and as long as the stock continues to move, it’s walking right around the upper Bollinger Band, I think you want to stick with this stock for a bit. Let it work for you, don’t try to over trade it just buy a small position and then just hang on.

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