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No Clear Direction?

Hey, Ross here:

And let’s start the day my favorite way – with an actionable trade idea.

Chart of the Day

Grayscale Bitcoin Trust (GBTC) is an exchange traded fund that tracks the movement of Bitcoin. It trades like a stock, so GBTC can be bought in any traditional brokerage account or IRA. 

You could also buy Bitcoin directly. Personally, I don’t trust a lot of the crypto brokers these days, so this feels like a safer option to me. But the results will be similar either way. 

Bitcoin has been a top performer in 2023. The digital currency is up 146% since the start of the year.

What is attracting me to it now, however, is how well the price is holding up in weaker market conditions.

After the big run up in June, GBTC found support near $19.40 (white horizontal line on chart). 

Just over two weeks ago, this level was breached – but look at how quickly it bounced back up.

This tennis ball action is what I want to see.

Volume is also mimicking price – another clue that often identifies stocks being accumulated by large institutions. Notice how volume rises with the stock and then decreases on the retracements.

This is textbook pre-breakout activity.

I took a 10% position in GBTC in my personal account last week at just under $20 per share. If it breaks below $18.30, I will likely get out. This represents an 8% risk on the trade.

Insight of the Day

The market has no clear direction at the moment.

After pulling back for two weeks, indexes closed higher yesterday with tech stocks making a bit of a comeback.

As I said yesterday, tech stocks were the market leaders this year – but their leadership has been retreating.

Yesterday’s price action shows that they still have momentum behind them – meaning new market leadership may take some time to emerge.

When such new market leadership starts to form, that’s when my breakout strategies will shine.

In the meantime though, let’s remember that it’s still earnings season – a time where you can target quick gains in individual stocks no matter what’s going on in the broader market.

That’s why I’m going LIVE right now to show you my top strategy for playing earnings season…

A strategy that exploits a powerful “loophole” most traders don’t know about.

So click here to join me in the live room now…

And I’ll see you inside.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

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Ross Givens
Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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