$BITO Ready to Run?

Kathy Woods fund sold $OTC:GBTC and bought $92mm yesterday. They also sold $COIN. There is the news. I am more of a technical trader, and I like the set-up on BITO here. I have started a one third size position in the anticipation of a break above the small consolidation area or pennant. My stop is tight, just below today’s low of day.

I like the fact that it is trading above the IPO AVWAP which means that by volume most shareholders are in the money. That means there is little overhead resistance at this point. It is also trading above all the moving averages.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Trade closed: stop reached

Well that didn't last long. I think the idea is still valid. But it is tough to fight a sinking market. I've stopped out as I said I would when we went below the earlier low. This is still high on my watchlist. I will update on any further action I take, if any.

Trade active

Here I go again, back for round 2 today on 6/20 MACD cross. Tight Stop again.

Trade closed: stop reached

Back on the watchlist. Maybe next year, lol

Note

I use very tight stops which give me very small losses. I like small loses vs large losses. I may enter a trade and get stopped multiple times before it works or I decide my idea is no longer valid. If you do not operate in a similar way as a "trader," I highly recommend looking at your trading plan. My idea, your money.

Trade active

I am back for today's round 2. Back in with stop below day low. Let's see if it works this time around.

Note

Looks like Bitcoin and cryptos are on the move again. I'm trying another position here with a very tight stop of 15 cents. I am in at about the same price I was almost a month ago. Let's see what happens this time around.

Note

jaxdog

Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

jaxdog

Also on: