Bitcoin Is About To Breakout! GBTC

A couple of weeks ago, I wrote about buying silver and recommended some silver-related stocks and ETFs. We started trading silver when AGQ was under $30. It has since more than doubled and closed recently near $70; it ended last week above $65, with a minor pullback on Friday!

Even though the stock market keeps on pushing higher, baffling most economists. Due to the COVID-19 pandemic, the world economy has slowed and job losses are mounting. Still, money keeps on pouring into the stock market, led by tech stocks. Technically speaking, market charts still look strong, although for many, most stocks are becoming expensive to chase. The risk and reward ratio has become high, especially when we are starting to see sharp pullbacks, for instance, TSLA, TDOC, FSLY, DDOG, and OKTA.

If stocks are becoming risky, money must be shifting to other investment vehicles. Precious metals are a given. Also, it looks like digital currency are warming up again! We've heard earnings reports from online shopping companies (AMZN, W, SHOP, OSTK) and also online transaction platforms (SQ,PYPL), which are all seeing a boost. With major central banks printing money, people are investing AND using digital currencies more and more. The most popular of which is still bitcoin.

Let's take a look at GBTC, which is a bitcoin ETF:

This is a weekly chart of GBTC. We can see that it is about to break out! It created a bottom in April 2019 and has been trading in a tight range since October 2019. It is now ready to go higher. It's got some minor resistances above $13. But, the big one is still some distance away at somewhere between $20-$22, where there is a gap. I think within a few months, GBTC will test that $20-$22 range. This could be a good hedge against the market.

Last checked, bitcoin is trading a bit higher over the weekend.

Good morning and HappyTrading! ™

Posted to Ecstatic Plays on Aug 10, 2020 — 3:08 AM
Comments ({[comments.length]})
Sort By:
Loading Comments
No comments. Break the ice and be the first!
Error loading comments Click here to retry
No comments found matching this filter
  • {[comment.author.username]} — Marketfy Staff — Maven — Member
Want to add a comment? Take me to the new comment box!