Anticipating GBTC's Breakout - Market Analysis for Oct 25th, 2020
by Mike Paulenoff
October 25, 2020 • 1:51 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
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