WE ARE TRADING GBTC AGAIN
IF YOU WANT IN ON WHAT COULD BE ANOTHER EXTRAORDINARY RUN AS IN 2017, NOW IS THE TIME TO SIGN UP
From February 2017 through its ultimate top in December 2017, we traded GBTC, The Grayscale Bitcoin Trust, exclusively from the long side. During that time it rose from a split adjusted $1.25 to an all-time high of $38.71. This was in the heyday of bitcoin, which was in its frantic mania days. That kind of run may not happen again, but there are a lot of people who sat it out and who are chomping at the "bit" for a do-over.
Overnight bitcoin ran up from approximately $4,200 to $4,800 a 14% rise in 24 hours, just like in its halcyon days of 2017. GBTC followed today's rise in bitcoin with its own gap-up from $4.50 to $5.60, a 24% pop. We bought GBTC for the first time in over a year on March 20th.
Here is the March 20th post, word for word:
"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"
In other words, this is essentially a Buy & Hold position subject only to (1) a trailing stop and (2) add-on buy signals on the way up.
Every time you read a news headline in the coming months about how bitcoin surged overnight on some global currency upheaval, or an investment by some deep pocketed institution, or for no apparent reason at all, ask yourself: Do you want to be on the bus, or off the bus?
FAQ: Hey Allan, why should I subscribe to your service since you already just told us what to do?
A: Karma my friend, karma.
Allan Harris