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AwesomeAvani
Mar 19, 2023 8:59 PM

BTBT a crypto equity play in a Bull Flag Long

NASDAQ:BTBT240
Bit Digital, Inc.NASDAQ

Description

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As seen on the 4H chart, BTBT is triggering a breakout from a High Tight Flag Pattern

( see the link below)

supported by the MACD crossing the zero line from below and the ADX indicator showing

the beginning of a bull trend abuve the green line at ADX 20.

Earnings are soon upcoming on March 29th and the prior earnings were decent

in the middle of " Crypto Winter" which is now rapidly thawing into the spring.

RIOT and MARA are breaking out BTBT is about to follow those leaders. A trader would

be "chasing" after the latter but taking a BTBT trade would be getting to the party

just on time. The call options table shows the 4/21 $1.00 strike at $40 premium

which rose 50% on Friday. I see this as an earnings play off the flag pattern

with great upside potential in the context of the resurgence of the cryptomarket

while banks with fiat currency have significant challenges ( or collapses depending

on what version of chaos you see,)

Trade active

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BTBT is looking good on the chart 20% in the past five sessions. Much more upside.
Call options are nearing 100% ROI

Trade active

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ca;;s are up 400% reflecting great uptrending price.
FlagVolatilityMoving AveragesBTBTbtcnRIOTMARABullish FlaghightightflagcryptomarketBTCUSDbitcoinlong
Comments
AwesomeAvani
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BTBT has risen since yesterday while XAUUSD spot gold dropped. Something is going on but how to interpret the landscape is getting challenging.
rogupta
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Super excited to start the journey as Banking collapse and Bitcoin rises, Highly undervalued stock.
AwesomeAvani
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@rogupta, as a conspiracy theory possibly the US government and others forged the downfall of FTX, Silvergate, Silicon Valley and First Republican as they have ( had) heavy crypto involvement and the interest is defeating decentralized non-fiat currencies. Seemingly this is going to backfire. I have made "bank" in my calls on Coinbase.
rogupta
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@AwesomeAvani, so it means BTBT will rise?
AwesomeAvani
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@rogupta, check out BTCM another speculative crypto play prone to high volatility with heavy upside as the BTC rally gains momentum
AwesomeAvani
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@rogupta, check out BTCM also, the chart looks good.
AwesomeAvani
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This is a high volatility stock in general; with earnings approaching the volatility will likely increase. Volatility can bring high profits at the potential risk of heavy losses.
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