GBTC has risen above $14.30 allowing us to move up our stop and reduce risk on this trade to only about 10%. As is shown on the chart below, GBTC has completed a Wave 1 UP and a Wave 2 DOWN. It is in the midst of a Wave 3 UP characterized by multiple gaps in a steep trend. Accordingly, we are raising our stop from the initial $10.00 to a Fibonacci 62.8% of the ongoing Wave 3 @ $11.11 (close only). Risk is now 10%, reward unlimited.
