First of all, CONGRATS to all those who bought GBTC when I recommended it on March 4th. It’s up about 60% since and still looking good. Tracking bitcoin baby. I am accumulating on dips. See chart below.
Grayscale Bitcoin Trust (GBTC) daily
The major averages are in nose bleed territory. Price action is compressing into/at all time highs. Be careful up here. While I still think a Big Dipper is out there before summer, longer term (12-18 months) price action looks really good which lines up well with the uncertainty associated with the presidential election. See Dow Jones Industrial Average ETF (DIA) chart below. QQQ, SPY, IWM and all the other like index products will follow suit directionally.
Dow Jones Industrial Avg ETF (DIA) daily
Trying to time the probable dip is obviously difficult but taking some profits is always OK when price is hitting resistance zones. Getting rid of losers is smart too especially if they are lagging the broader market. This is also a good way to raise cash to put to work at lower levels. Or, you could just gut it out. Either way, I think it’s a really good time to review your portfolio and make sure you are comfortable with it. While there is nothing chart wise to indicate any break in long term support I would expect some deep chop sooner than later. So, tally ho and hold on tight my mateys.
Let’s look at three charts that look like really good entry points for a “trade” of 12-18 months.
Cronos Group Inc (CRON) daily
Stemline Therapeutics, Inc (STML) daily
Western Digital Corp (WDC) weekly
Let me know if you have any questions.
It’s all in the charts…unless I forgot something.
BTW, I’m proud to say my grandson will be playing baseball for Biola University beginning in the fall. Way to go C.
Don
PS. Do your own due diligence and note earnings release dates on charts.