Not necessarily. Keep in mind that Bitcoin is very volatile, to begin with. As such, a 7% daily gain or loss is par for the course. Had yesterday’s rally resulted in an impulsive breakout above the downtrend line on /BRR, it would have been a breakout. However, /BRR rallied into & closed right on or just below the downtrend line, hence, no breakout yesterday.

/BRR is currently trading on the trendline today after rallying slightly above it earlier but not very impulsively so pretty much at this point, a move back above today’s highs & especially a close above it would be a breakout.

Potentially, as /BRR ended up printing a bullish engulfing candlestick yesterday. Now, we need to see follow-through to confirm via a green close today & ideally again tomorrow.

Bitcoin rallied more than 7% today. Isn’t that a breakout? I got a position in RIOT today

Wow, is today a reversal day?

Chances are that if /BRR makes a solid breakout above the first downtrend line, especially if it starts to rally impulsively from there, RIOT & OSTK will likely soon follow with breakouts above their respective downtrend lines. Buy signals still pending on all 3 although a case for an objective long entry on both Bitcoin via GBTC or /BRR, as well as RIOT, can be made as both are currently trading at support. The latter (buying at a drop to support during a solid downtrend/bear market) is the more aggressive entry with a lower probability of the trade panning out vs. the former (going long on a convincing breakout) although the potential benefit to the latter is a more favorable (lower) entry price.

My preference is to take small starter positions in all 3 here, adding to those positions only on strength, not weakness (i.e.- averaging up, not down & typically doing so strategically such as on breakouts above resistance, bullish candles, pullbacks to support following a breakout, etc.).

I posted the charts of RIOT & OSTK, along with breakout levels (downtrend lines/falling wedges) and initial price targets (actual resistance levels where reactions are likely) under this comment thread earlier. Let me know if you’re unable to view them.

@rsotc Thank you, Randy. Fwiw, I took a starter position in OSTK a few days back.