Pullback Buy in GBTC (Bitcoin ETF)
Bitcoin had a painful 2022. But the digital currency turned bullish this year and is now marching higher.
GBTC is an exchange traded fund that holds Bitcoin but trades like a stock. So regular investors can get exposure to crypto without the hassle of digital wallets or sketchy cryptocurrency brokers.
The stock is currently wedging on decreased volume. This is the same pattern it showed back in February before a quick 50% surge higher.
Volume is telling the story here again. High volume moves higher show accumulation while lower volume retracements indicate and absence of buyers.
A buy was triggered on the move above 16.50. This pullback is giving trades a second chance to enter with the recent breakout area and 21-day EMA serving as support.
My stop loss would be at 14.95 to risk just under 10% on the trade.
GBTC is an exchange traded fund that holds Bitcoin but trades like a stock. So regular investors can get exposure to crypto without the hassle of digital wallets or sketchy cryptocurrency brokers.
The stock is currently wedging on decreased volume. This is the same pattern it showed back in February before a quick 50% surge higher.
Volume is telling the story here again. High volume moves higher show accumulation while lower volume retracements indicate and absence of buyers.
A buy was triggered on the move above 16.50. This pullback is giving trades a second chance to enter with the recent breakout area and 21-day EMA serving as support.
My stop loss would be at 14.95 to risk just under 10% on the trade.
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