Many thanks to Ken Romanov for inspiring me to chart and buy into GBTC (in at 4.70 from March 15th). And thanks to EagleSeagle, Surf City, Dangermouse and other Goldtent members who provided their charts and opinions as well. I see about 588% additional possible upside for GBTC provided this wedge breakout follows through. I have an unofficial mental stop of a weekly close below 4.0 for GBTC.

7 weekly candles above the breakout on the GBTC / Nasdaq 100 ratio chart.

And now to play some Devil’s Advocate. While GBTC appears to be off to the races, the official Bitcoin price (as measured by the NYSE Bitcoin Index) has not yet broken out of its downtrend against the Nasdaq 100 , but it may in the near future:

And here’s a chart of Overstock.com versus the Nasdaq 100. Overstock.com is the first major retailer to support Cryptocurrency, having partnered with Coinbase to accept Bitcoin as payment on its retail website. Overstock.com has not yet broken out against the Nasdaq 100, but we do see a possible inverse head and shoulders pattern under construction.

When the official Bitcoin price and Overstock.com break out against the Nasdaq 100, I would turn even more bullish on the Crypto sector. For now, I’m cautiously optimistic with my 20% gain on GBTC (again thank you Goldtent community for that gain!). -Harry