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  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."

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

TAGS: Bitcoin | ETFs | Investing | Markets | Trading

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