Day One Looks Good, Where Now?
BTCS Inc. (BTCS) ramped up a nice “lucky” 13% from the open today and now the chart is in a very different place.
Do we have that BREAKOUT I was looking to see, the one BTCS waited MONTHS to score? Only time will tell, but so far, so GOOD!
Part of the long-term thrill here is that management decided to lock up another 15% of the float — about 24 million shares, maybe 1/3 their stake.
More on that in a minute but it’s not a BAD thing at all for the supply/ demand math. Long term, it bodes mighty well!
But first that chart:
Is that the breakout? Touching the 50-day line again for the first time in months is a pretty good stab in the right direction!
We could see this action play out for days like it did back in October — you know, when BTCS moved from $0.10 to $0.19 in a week or so.
The NEWS plays a role in that. Management says they’ll commit 24 million of their shares to their own success.
If BTCS can’t finalize its merger, they lose half that stake. A million dollars up in smoke!
And if they don’t move to a better exchange, they lose the other half. That’s two million dollars down the drain, double or nothing!
Now little known fact about BTCS: 54% of the float was already off the table until next February, a year from now.
Even if management fails to live up to their promise, it just drains millions of shares from the market. Supply goes down, price gets relief.
Of course I think they want to follow through. They don’t want to give up their millions of dollars in stock! They WANT to win!
With attitude like that, I think BTCS has room left to move. So stay in this game! The week just got STARTED!
Happy, Happy, Happy Trading!
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