Why BTC is a buy? - Trading Journal (1.23.20)

The past week we have seen BTC drop from a high of over $40k down to a low close to $28k, but have recently bounced and held slightly under $33k. Chart technical are showing down slop on both MACD and RSI. By those data points it would leave one to believe BTC has further potential to fall.

However the future potential of BTC is still bullish. We can see it because retail traders have held certain related crypto stocks up pretty well over the past week.

GBTC

Although GBTC has fallen over 20% from its all time highs it has for the past two sessions gotten bid up. In the case of Thursday it was showing significant amount of shares were selling off but the volume slope down. Meaning seller exhaustion was likely weakening and true to form Thursday saw GBTC recover and extend gains into Friday.

There is a lot of demand for crypto and retail stock traders are leaning on some of these related crypto stocks.

MSTR

One of my favorites crypto holding is MSTR and currently it is recovered more than half of its recent drop where it now stands at $577/share. The resistance of 600 may be seen come Monday. The reality is people are still demanding more MSTR as the prices are rising while BTC itself lost over 20% in a week.

RIOT

Then there is the crypto miner and stock ticker RIOT who has also recovered sine Thursday. The price bounce in RIOT on Thursday and Friday is not as pronounced as in BTC itself but at least follow the same trend.

Conclusions

BTC is recovering and the demand for crypto investments are still high after reading some of the ticker prices. Price is what pays and as long as people are willing to buy as seen in the tickers I would suspect BTC price will remain elevated simply because people are willing to pay more. If down the road these tickers listed drop further after a bit then I will consider reevaluating prices then.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!

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