Tuesday: Greyscale Bitcoin Trust (GBTC)


The long weekend saw bitcoin spike up by about 10% and resulted in a gap-up in GBTC this morning. We have been buying GBTC since it broke above $5 earlier in the year, and pounding the table to buy above $6.00. With it trading north of $11.50 today, let's move our stop up from $6.50 to $8.50, locking in a nice gain. With this kind of price action over the past few months, ($3.60 -$11.60) any price decline significantly below the May 17th low at $8.75 would likely coincide with the breaking of the upward sloping trend regression channel. I wouldn't want to chance that the channel fails to hold. We could always get back in.

For now, hold GBTC with a stop at $8.50.