Wednesday Update


On March 20th a Special Situation recommendation to buy GBTC went out to the Premium Service. The entry was at $5.00 and GBTC is trading today at $6.40. Although Special Situation trades are usually limited to the Premium Service, this quick run-up suggests something bullish is going on with bitcoin. 

New Intermediate Term (Standard Service) Recommendation:  Buy GBTC at current prices with a stop at $5.00. Below is the March 20th Alert:

"This is a Special Situation, not a system trade. 

"The Grayscale Bitcoin Trust (GBTC) is the closest thing bitcoin has to a tradable ETF. We did very well with GBTC in 2017 when bitcoin was all the rage. GBTC ran up from $1.20 to $38 (after a whopping 91-1 stock split this past January) in 12 months. As you can from the chart below, it has broken up out of its long term trend regression channel. It's up from $3.75 to $5.00 in 2019. The play here is to buy at $5.00 with a $3.75 stop, a risk of about 35%. We won't be following GBTC on a daily basis as with the system trades, at least not until a new trend develops that generates tradable signals."