The 25.85 rally target advertised here last week still obtains, as does a ‘mechanical’ buy down at 21.73, stop 20.35. The move has been one of the most powerful we’ve seen in any vehicle since this record-breaking bull began on March 23. There has been only one correction worthy of the name in the last two months, and it lasted just four days. Last Monday’s huge gap-up opening popped GBTC out of its brief funk with such force that bears struggled unsuccessfully all week to bring it back down to a more attractive price. Their failure will have bullish consequences looking ahead, including a likely easy thrust past the target on first contact. ________ UPDATE (Dec 8, 5:20 p.m. EST): Numerous subscribers did the trade recommended above, so I am establishing a tracking position: long 200 shares at 21.73, stop 20.35, with a price target of 25.85. The corrective move well into last week’s three-point gap feels treacherous, but the trade was selected strictly by-the-numbers. _______ UPDATE (Dec 9, 8:32 a.m.): The trade was stopped out for a $276 loss. Bitcoin vehicles that trade 24/7 have recovered sharply overnight from an abysmal low, but they are still below the levels that obtained at 4:00 p.m. EST Tuesday, when this vehicle stopped trading. The trade failed mainly because it did not take advantage of a key aspect of mechanical set-ups — i.e., that they work best in vehicles tracing out particularly violent swings. In this case, I should have advised buying at the green line, which would have taken a violent pullback indeed to achieve, rather than at the red line, which reflected a merely modest correction. The risk thereof would have been in missing the trade because the retracement did not reach the green line. If it does, you can try again with a bid there, stop 17.59. ______ UPDATE (Dec 9, 7:55 p.m.): The rabid little weasel came down to within a dime of the green line at 19.66. Any takers? Please let me know in the chat room. _______ UPDATE (Dec 10, 5:59 p.m.): Happily, there were a few takers, all of whom managed to get in near the bottom of a 7% rally that was the strongest of any vehicle tracked herein. At the close, the position was showing a $1.81 profit per round lot. Exit half on or near the opening and save at least 25% of what remains for a possible moon shot. Immediate potential is to as high as 25.85, which would equate to a 31% gain.
GBTC – Bitcoin Grayscale Trust (Last:21.47)