Monday was all about bitcoin. Relative to Friday’s stock market close, bitcoin gained more than $10,000. This is likely it’s biggest single-day dollar gain in its history.
Bitcoin stocks did great too. The miners haven’t posted gains like this in a while.
At Leavitt Brothers, we’ve been on top of this move, profiling many stocks starting a few weeks ago.
There have been false moves all summer, but this one looks to be the real thing. In this write-up, I’ll cover bitcoin and then some long-term bitcoin miner stocks.
This is one bitcoin chart I’ve posted. A solid rally the last quarter of 2023 and first quarter of 2024 morphed into a somewhat frustrating rectangle, which has now resolved up. Last week was huge. This week is already huge.
This is a zoomed out version. A double top in 2021 turned into a 3-year cup-and-handle. The depth of the handle measures to 90K. The cup measures to 130-150K.
Let’s run through the top bitcoin names. These are weekly charts, unless otherwise noted.
BTBT is at its highest level in 2+ years.
BITF is trying to exit a pattern that has persisted for an entire year.
MARA has spent the entire year in a wide range, but after today’s 30% move, it’s starting to resolve up.
RIOT has moved between parallel trendlines since April 2023. But after last week and today’s move, the stage is set for an attempted breakout.
CLSK was a great performer until it topped early this year. Perhaps today’s 30% rally gets it back on track.
WULF broke out in June and then again four weeks ago. There are clear skies ahead with lots of positive volume to support the gains.
IREN just came out of a small base but is still within a much bigger base. If that resolves up, the stock can rally into the high 20’s.
CIFR has a messy chart, but it’s not far from a 3-year high.
HUT is just now coming out of a 2-1/2 year base.
HIVE is weaker than the others and still basing.
MSTR just holds bitcoin (with some leverage). I don’t know how bitcoin can go up a little, and MSTR can double in six weeks, yet there it is.
MSTX and MSTU are leveraged versions of MSTR
That’s enough. There are others, but you don’t need many. You can decide how much to put into bitcoin, and then spread it between 4-5 names. You certainly don’t need 10 or 15.
I’ve said for a long time, either trade the stocks or hold the stocks. Don’t be in the middle.