Who are Silvergate? They are a crypto bank and much of their business is from large crypto investors who use Silvergate as a middleman to buy crypto from exchanges. They work with most, if not all major crypto exchanges… including FTX.
Strong links to FTX & SBF
Sam Bankman-Freid endorsed them, particularly their “risk management” department… we all know...
Q1 Earnings = $60m / Q2 Earnings = $80m with Profit Margins of 47%.
With a great financial performance (shown above) this stock jumped 50% in a matter of days.
It is currently retracing as people make a quick profit from the 50% spike.
The stock should be a great LONG option over the next month or so.
I thought it would be interesting for others to see what I trade.
I will be showing my trades from time to time and accompanying with a little description.
This trade was made on a report, I liked the inverted head and shoulders pattern.
Some of it I have already sold, some of it is still in the trade.
Silvergate Capital formed a Head & Shoulders topping pattern and is currently trading near critical support. We have a long way down if this breaks - plan to initiate my short position below $56.15 and scale into a full short if I see a retest and breakdown at the same level. Alternatively, if we see a countertrend rally into the 21 EMA or 50/200 SMA followed by...
Eventually upside break is likely for such a pattern. Rising Relative Strength is looking promising for a breakout soon. Let's see.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Please your own due diligence and trade according to your own risk...
Since end of Jan '22, $SI has made higher highs against $SPX lower lows, and has found support at the relative strength uptrend against $BTC.
$SI narrowly reclaimed its 200 SMA after a double bottom at the major $100 level earlier this week.
Buyers have kept the stock sideways/up in a pretty violent market,
I think momentum is to the upside and any moment of...
Liking the look of SI here. Post earning positive reactions at ATH. A hold above the box and breakout is what I'm looking for. Trade dead if price falls back below the box. Targets = ATH and then fib extensions.
Business Description: Provider of financial infrastructure solutions and services to participants in the digital currency industry.
Long call 06 August at $109.36. Tweet/timestamp inserted.
Strong day yesterday, up 21%.
Current call: Reduce