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?
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Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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More Top Calls From Mike
In his Trading Room this past Tuesday, Mike Paulenoff told members to expect more upside in PENN National Gaming (PENN).
With the stock trading at 67.16, Mike noted:
"My pattern work suggests strongly that PENN ended its most recent bout of weakness off the 75.24 high into today's low of 63.58, which is part of a larger-developing high-level bullish digestion period. As long as this AM's low at 63.58 remains intact, PENN's set-up points higher ... towards the 73.
Back on September 22, Mike Paulenoff alerted MPTrader members to a maturing two-year accumulation period and pattern in Beyond Meat (BYND), noting:
"BYND is pushing up towards a test of its year-long resistance plateau that spans from 160 to 168, which if hurdled and sustained will trigger significant upside potential that projects to 235-250, and thereafter, possibly to 280-300. If BYND does take out 165 on a close, then my sense is that Q4, 2020 will be a very powerful period of higher prices.
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Mike explained that the stock, which was trading at 14.35/36 at the time, had climbed above its up-turning 10 and 17 DMAs, in route to a challenge of the "flattish" 50 DMA, now at 14.75.
He wrote: "The recent low at 12.40 on 9/04 represents an exact 50% retracement of the major upleg from the March low at 6.58 to the July high at 17.
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Mike wrote: "During the past week, PENN has been in the grasp of a corrective process (no doubt exacerbated by the announcement of a secondary offering on Thursday morning). The correction has pressed PENN into important support at 62.00 that extends down to 57.60, and includes the up-sloping 20 DMA, now at 62.06. As long as any selling pressure is contained above 57.
On Sep 2, with QQQ trading at 300.01, down nearly 4 points from its pre-market thrust to a new all time high at 304.02, Mike Paulenoff alerted MPTrader members to the potential danger signals lurking within his chart work. He wrote:
"Just in case TSLA and AAPL weakness represent the first shot over the bow ahead of a significant correction in the NDX, my work on QQQ indicates that a break and close under 298.00 will trigger sell signals that project to 280.
