Anticipating GBTC's Breakout

by Mike Paulenoff
October 25, 2020 • 2:51 PM EDT
In his MPTrader room this past Monday, Mike Paulenoff highlighted the upside potential in Grayscale Bitcoin Trust (GBTC).
With GBTC at 13.01, he wrote that it was "pushing up to test its prior rally peak at 13.03 (10/13), which if hurdled and sustained, will point GBTC towards another confrontation with its 14-month resistance zone between 14.20 and 14.70, where powerful upside potential could be unleashed."
By Wednesday GBTC reached as high as 14.49, and went on to hit a multi-month high of 14.87 on Thursday. That was just 17 cents above Mike's initial high-end target, and a gain of 14.3% from Mike's alert.
GBTC closed at 14.32 on Friday. Is the upmove finished? Is it exhausted on the upside?
Join Mike and his MPTrader community as they monitor GBTC in the days and weeks ahead.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
A biotech name closely monitored in our discussion room at MPTrader and that has been on Mike's radar since the stock's explosive upmove during the height of the Covid vaccine and therapeutic drug hype last July-August is Sorrento Therapeutics (SRNE).
Mike frequently discusses the technical set up in SRNE overlaid on related company news about developmental drugs in its pipeline, and its sizable and significant short position.
Ten days ago, on February 17, Mike Paulenoff posted a detailed analysis of the bond market for MPTrader members.
In it, Mike highlighted the "increasing fear" in the bond market, with longer-term rates projected to continue to rise, and in the "Fear Index" itself, the VIX, suggesting increased risk in the equity markets.
Back on February 3, Mike Paulenoff highlighted the potential for a continued rise in gasoline futures.
This past Tuesday afternoon (Feb 9), one of our long term subscribers, Sid_F, asked Mike in his MPTrader discussion room what he makes of QS (QuantumScape Corp), which develops and commercializes lithium-metal batteries for Electric Vehicles.
Mike responded: "Sid, QS looks to me like it ended a major correction from its high at $132.73 (12/22/20) into its $40.62 low (2/01/21), and for the last week or so, has been carving out a potential bottom ahead of lift-off into a powerful rally phase.
Back on November 23, Mike Paulenoff alerted MPTrader members to a long opportunity in Occidental Petroleum Corp. (OXY).
OXY, he explained, stood to benefit from the Biden Administration's "much less friendly" view of fossil fuels than its predecessor, which could result in reduced output amid increasing demand, thus lifting the price of crude oil.
Plus, technically he saw the stock in a developing multi-month base formation, and emerging from a significant double-bottom low.