Bitcoin Is On The Move: Check Out These Crypto Stocks
Check out GBTC, ETHE, MSTR & HOOD.
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Bitcoin jumped into the buy zone and the price is above $100k again!
You may be wondering how this benefits stocks.
Let’s check out crypto-related stocks that could work.
Grayscale Bitcoin Trust · GBTC
This stock ticker tracks Bitcoin.
It’s a good way to get exposure to Bitcoin without having to buy actual the cryptocurrency.
Here is the PIMM Trading System Review:
P: Good: The Parabolic SAR dot is below the price on both the daily and weekly charts; this acts as support.
I: Good: The price is above the Ichomoku cloud; this acts as support.
M: Good: All MACD values are positive; this signals positive momentum.
M: Good: The price is above the 50-day and 200-day moving average lines and the lines are curving up; this signals momentum.
Analysis: All signs are pointing to strength in Bitcoin and the GBTC trust.
Grayscale Ethereum Trust · ETHE
This stock ticker tracks Ethereum.
It’s a good way to get exposure to Ethereum without having to buy actual the cryptocurrency.
Here is the PIMM Trading System Review:
P: Promising: The Parabolic SAR dot is below the price in the daily chart; this acts as support. The dot is above the price in the weekly chart but it’s almost touching it. When it touches it, the dot will move below the price and act as support.
I: Weak: The price just entered the red Ichimoku cloud in the daily chart; there is going to be resistance. The price is way below the cloud in the weekly chart; there is a lot of work to be done to get it looking strong there.
M: Good: The MACD value is positive and the lines are sloping upward.
M: Promising: The price got above the 50-day moving average showing bullish potential. The price is still below the 200-day moving average though.
Analysis: This is an aggressive entry. The price needs to stay above the 50-day moving average for a least a few days so it proves itself.
MicroStrategy · MSTR
This company buys Bitcoin and was really popular until Bitcoin hit its peak.
It’s coming up the right side of a cup pattern.
Here is the PIMM Trading System Review:
P: Good: The Parabolic SAR dot is below the price in the daily and weekly charts; this acts as support. Be cautious for a short term dip because the dot is very close to the price. If the price does dip, the peak of the dip (i.e., a handle) as the start of the buy zone.
I: Good: The price is above the Ichimoku cloud; this acts as support.
M: Good: All the values are positive.
M: Good: The price is above the 50-day and 200-day moving averages.
Analysis: All indicators are point to strength. There is no clear buy zone, so buying now is possible. If the price dips in the coming days, the peak of the handle declares the start of the buy zone. MSTR earnings are consistently “red” so have an exit plan. As you can see in the chart, when it stops working it falls hard.
Robinhood · HOOD
HOOD entered the buy zone today by getting above the middle of the double-bottom pattern.
Here is the PIMM Trading System Review:
P: Good: The Parabolic SAR dot is below the price in the daily and weekly charts; this acts as support.
I: Good: The price got above the Ichimoku cloud today in the daily chart. It was already above in the weekly chart. These act as support.
M: Good: All the values are positive; this indicates upward momentum.
M: Good: The price is above the 50-day and 200-day moving averages.
Analysis: Today is considered a break out. We want to see the price stay in the buy zone, but a buy today or tomorrow is technically valid. If the price gets to the top of the buy zone and falls, this is sell signal.
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Disclaimer: The author is not a financial advisor. The information provided herein is not financial advice and should not be construed as such. This content is intended solely for educational purposes. The author will not be held liable if you decide to used this material as a basis for any financial decision-making. Investing involves risk, including the potential loss of your invested capital. Only invest what you are willing and able to lose.
I used turboscribe.ai to transcribe the video and did some editing to create this post.