GBTC Trade Proving Out [w/ edit]

[edit] I did the right thing (according to the handbook) and took +30% on 1/3 of the position.

This one was an NFTRH+ highlight on March 20th (post now unlocked) as it was constructively using the SMA 50 as support for the first time in its post-bubble downtrend. Personally, I took an initial position and then added more on the ensuing pullback toward the SMA 50.

Yesterday it popped 15%. The pattern targets 6.30 or so but who knows, maybe it can even ding the SMA 200.

gbtc

We used this bigger chart (click for clearer picture) to view the long post-bubble consolidation in GBTC (and Bitcoin). While it had tried to use the SMA 50 a year ago, it was too early in the process. The most recent situation seemed mature, and if yesterday’s breakout was an indication, it was.

gbtc

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