Did You Heed Mike's Call Ahead Of Bitcoin's Breakout?
by Mike Paulenoff
August 1, 2020 • 12:27 PM EDT
A week ago Thursday (July 23), with Grayscale Bitcoin Trust (GBTC) at 10.37, Mike Paulenoff posted a bullish -- and very prescient -- analysis of the stock in his Trading Room, noting:
"Coins are the least talked about market or investment vehicle lately, which is just the time when a sudden price move could come out of the blue to alert everyone that Bitcoin is alive and well, and is back!"
Mike predicted GBTC would challenge key near-term resistance from 11.10 to 11.95 en route to multi-month resistance at 12.50-13.00. (See chart below that accompanied his post.)
His timing -- and accuracy -- couldn't have been much better, as GBTC proceeded to run to as high as 13.20 three sessions later on Tuesday (July 28), up 27% from his alert.
Where are GBTC and Bitcoin headed next?
Join Mike's Live Trading Room and find out!
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
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More Top Calls From Mike
Back on August 18th, nearly two weeks ahead of ZM's (Zoom Video Communications) earnings report, Mike Paulenoff cautioned MPTrader members about the stock.
Mike wrote: "The price structure, which has pressed relentlessly lower (15%) since its 8/05 rally high at 404.35, is probing -- and trading below -- its 100 DMA, now at 345.67, and is considerably beneath its 200 DMA, now down-sloping at 367.20.
In our Top Call article a month ago, we told you about how Mike Paulenoff called AAPL's upside continuation, with the expectation that the stock could extend a little higher before upside exhaustion.
AAPL, indeed, went on to stair-step higher to reach a high of 157.26 high last week, overshooting the upper boundary of Mike's 153-156 projected high-zone by just 0.8%. It then proceeded to initiate the expected bout of weakness that accelerated to the downside this past Friday.
On August 11, Mike Paulenoff alerted MPTrader members to a significant upside reversal signal in AMZN.
Mike wrote that "the 500 point decline is nearing downside exhaustion," noting a preferred downside target zone of 3180-3200.
Fast-forward to August 20, when AMZN pressed to a new multi-month corrective low at 3175.76.
On August 3, Mike Paulenoff alerted MPTrader members to the developing setup in AAPL that also would eventually impact the broader market:
Mike wrote: "AAPL continues to levitate within a high level digestion period and pattern off of its ATH at 150 hit on 7/15. All of the action since mid-July certainly resembles a Triangle pattern atop the May-July upleg from 121.68 to 150.
Probably the first price pattern both fundamental and technical investors learn to recognize is a Head and Shoulders Top. Rightly or wrongly, it is the Holy Grail of technical formations, striking fear into holders of the stock, index, ETF, or commodity that exhibits such a technical set up, while eliciting an opposite reaction from put owners and short sellers who anticipate huge gains captured by impending weakness.
