• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing
  3. / Bitcoin

Starting a Trade in Bitcoin

I may not be a 'true believer,' but the chart setup looks attractive here.
By JAMES "REV SHARK" DEPORRE
May 13, 2020 | 10:50 AM EDT
Stocks quotes in this article: GMBL, BILI, CHWY, CODX, GBTC

The market quickly shrugged off some jitters that developed Tuesday over how easy it would be to reopen the economy. Fed Chair Jerome Powell made mostly benign comments in his speech this morning that had little impact and so far the trading is mostly mixed.

Breadth is poor with about two decliners for every increaser but the pockets of exceptional stock-picking continue. For example, I mentioned Esports Entertainment (GMBL)  as a trade Tuesday and the stock is trading up over 30% this morning. Other names such as Bilibili (BILI) , Chewy (CHWY) and Co-Diagnostics (CODX) also are attracting aggressive speculation.

One name I'm adding Wednesday is Grayscale Bitcoin Trust (GBTC)  , which tracks the trading in bitcoin. I'm not a big fan of the bitcoin "story" as I don't see any intrinsic value in the instrument, but I trade price action and not fundamentals. Recently famed investor Paul Tudor Jones gave bitcoin a boost with positive comments and that may be a sufficient catalyst to help the chart develop from here.

The chart setup of GBTC looks attractive here and I am looking to build it as this cup-with-handle pattern develops. This is a trade based primarily on sentiment since there are no fundamental factors to consider. It is very important to stay disciplined with stops rather than to become a "true believer."

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, Rev Shark was long GMBL, BILI, CHWY and GBTC.

TAGS: Bitcoin | ETFs | Investing | Markets | Trading

More from Bitcoin

What's Really Going to Light a Fire Under This Market?

Peter Tchir
Apr 24, 2023 11:34 AM EDT

There's a lot to think about between T-bills, the debt ceiling, 0DTE VIX, geopolitical risks, the demise of the dollar and earnings, but are any worthy of a 'rant'?

Does Bitcoin's Rally Make Any Sense?

Bruce Kamich
Apr 11, 2023 9:04 AM EDT

Let's put the move in the cryptocurrency into a perspective I understand.

Are You Chomping at the BITC for a Direct Exposure Bitcoin ETF?

Mark Abssy
Mar 28, 2023 12:27 PM EDT

Let's take a close look at the Bitwise Bitcoin Strategy Optimum Roll ETF, its exposure to bitcoin, and ... Contango.

Silvergate Capital Plummets 40% and Looks Severely Tarnished

Bruce Kamich
Mar 2, 2023 10:10 AM EST

The crypto-based bank has delayed their annual SEC filing. Let's check the charts.

Risk-On Market, Roku, Fed Balance Sheet, Trading Ford and Freeport-McMoRan

Stephen Guilfoyle
Feb 16, 2023 7:29 AM EST

The list of money-losing 'growth' names that have become less 'growthy' and still seeing a boost in stock price is long.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 09:48 AM EDT CHRIS VERSACE

    Latest AAP Podcast With Portillo's CEO!

    Listen in as we talk with a rising star in the Chi...
  • 03:25 PM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    Don't Just Sit There and 'Hope' for Your Stocks, M...
  • 07:32 AM EDT BOB LANG

    Webinar Thursday After the Close: Option Spread Trading

    Thursday, my good friend and colleague Sam DeMarco...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login