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  • Writer's pictureT. Livingston

GBTC Showing Strength

GBTC has been the vehicle I use to get exposure to Bitcoin over the last three years. Bitcoin is extremely volatile and that can be a double-edged sword. Trading Bitcoin can be frustrating since it may look very strong one day only to fall over the following weeks leading to a loss. Some traders will cease to watch Bitcoin after being stopped out a few times. However, I've found that when I catch it right, Bitcoin can be a huge winner. I had a 10R trade in 2019 trading in Bitcoin and this more than made up for a few small losses I had trading it earlier in the year. I discuss this trade in my course Market Bottoms.

Bitcoin is often a hotly-debated topic. Many think it is worthless garbage while others proclaim it is the wave of the future. For me, it's just a chart. If I like the risk to reward and the set up, I take the trade. If I get stopped out, no big deal. If it heads higher, I have the potential for a huge winner.

GBTC's chart is starting to heat up. I really like the heavy volume retake of the 50-day moving average today. In addition, the monthly chart has been showing some constructive action over the last year, especially over the last three months. You never know where GBTC will head, but with a wider stop and a smaller position size, the reward can be worth the risk.

Full Disclosure: I currently own GBTC.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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