On April 5th 2016, I finally got on board and initiated coverage of Bitcoin. For years, readers had been pressing me to analyze the price behavior of Bitcoin, but I never felt it was a big enough/liquid enough market. After a healthy consolidation since the 4th quarter last year, I said, “If we break out from this base, we could see a monster rally towards $700”.
That was enough for me and I put out an announcement in early April that we were initiating coverage of Bitcoin priced in U.S. Dollars from both short-term and longer-term perspectives. Sure enough, just a couple of weeks after we initiated coverage, prices broke out as we had hoped and it has been a screaming buy ever since. Members of All Star Charts have been receiving weekly updates since then and have benefited tremendously over a very short period of time. This weekend, Bitcoin hit our tactical upside target netting a 58% return in less than 2 months. But this doesn’t mean that the trade is over. To the contrary, I think there are still plenty of opportunities in this space. [Read more…]