The GBTC (Bitcoin Trust) Active Long Swing Trade has made some nice follow-through to the recent minor downtrend line breakout, rallying about another 5% so far today.
GBTC 60m Jan 6th
OSTK (Overstock.com) has been highlighted as another Bitcoin proxy trade in recent weeks, triggering the secondary buy signal of a break above the 7.16 resistance level today. OSTK was recently highlighted breaking out above the bullish falling wedge pattern & in this previous update on Friday, I had stated that “if OSTK pops above 7.16, it should run”, especially “if Bitcoin rallies as well”. So far today we have both (Bitcoin rallying & OSTK breaking above 7.16) which has resulted in a 13% gain on OSTK so far today (or about 20% since the bullish falling wedge/trendline breakout so far) with the odds of the 9.19 (unadjusted/official) target being hit soon significantly increased today.
OSTK daily Jan 6th
I’ve also cleaned up the chart, updating it with two potential additional price targets (unadjusted targets, meaning the actual resistance levels) at 11.98 & 14.90. Whether or not OSTK hits any of these price targets, including the first target at 9.19, will most likely depend on whether or not Bitcoin continues to rally.