BITW - Key resistance level at $93.5

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Scenario A - Continues to rise to $93.5 where it was rejected previously. If it can break through, it could spike to the next Fibonacci level at about $135, where it would probably be rejected and retrace back to around $100, finding support at the $93.5 level now.

Scenario B - There is a correction and it drops back down to the previous level, where it should find good support at around $65. From there it will climb again and face some resistance at $78 and again at $93.5.

Either way, I think this will be a good long-term hold. This is the first chart I am publishing - let me know what you think!!

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*UPDATE* - The day after I posted this the stock punched right through 93.5 and jumped immediately to $135, where it hit the resistance and hung out for a while but ultimately punched through and closed at $140!

Given that it closed above the resistance level I think it could use it as a support to launch from tomorrow and actually jump up yet another level to around $210! If it does the same thing again the day after that - punches through and closes above - we could be looking at the next level beyond that ($280) by the end of the week! I will need to publish a new chart because it will be completely off of this one by then!

A lot will depend on how it opens tomorrow - Scenario A above is still possible - it could fall below $135 and retrace back down some. However, I think with the resent surge in bitcoin to above 20K we can remain bullish and expect this thing to keep going up, up, and away!!

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*UPDATE* 12/17

So Scenario A ended up developing today, and unfortunately my bullish optimism has been dashed. I suppose things can't go up exponentially forever and this will be a healthy correction in the end, but OUCH! The fact that it closed below the 93.5 level basically leaves us back where where started a few days ago with Scenario B now a possibility again, meaning we could potentially see further losses - perhaps back down to $65. I think overall it will recover and slowly tick up again and eventually retest the $93.5 level, however am not expecting any more jumping up by leaps and bounds. But who knows - when it comes to anything involving cryptocurrency rapid fluctuations are always potentially on the table. However, it appears that the stock is NOT going to track what Bitcoin is doing after all, so we can’t count on that to guide us.

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***CAUTION****

See comment from Amentesa below: The current price is way out of line with the NAV. This could mean a massive sell-off is coming. IF continues to rise it could be based on Bitcoin FOMO alone. I'm thinking much more bearish on this one now. Be safe out there and don't over-leverage yourself!

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*Update* 12/18

The bearish pennant (see other chart posted) proved to be correct and there were more steep loses right from the opening. The $65 support level held and the stock recovered some, however was rejected at the next level at $77 and closed at $69. With the steep drop off in the morning the chart kind of resembles another bearish pennant, but not as clearly as the previous day's. Could potentially drop lower, back down to $50, or just kind of hang out around and bounce between $69 - $77 for a while. The bubble has burst and I will be surprised if we see it re-test $93.5 anytime soon.

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ملاحظة

*Update* 12/22

Hugged tight to and closed right at our resistance level today. Will be interesting to see what it does right out of the gates tomorrow - could go either way ~50/50. Check trading volume and other indicators for a breakout confirmation if it goes above, as it could fall right back below again.