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Williams: Bitcoin play BTCS ready for next rally

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Jeff Williams, lead trader at PennyPro.com, says that as bitcoin has stepped back from its race to $11,000, it has put blockchain-technology company BTCS Inc. (BTCS) back into play. BTCS roughly doubled around the Thanksgiving holiday as bitcoin blasted through the $9,000 level, but when the currency found resistance, so did the stock, retracing the entire gain and dropping back below 10 cents per share. At that point, Williams said that, technically, the stock made a hammer candle on Thursday, a sign that the stock could be set for a reversal and a bounce-back today. Williams think that if bitcoin reverses at all, BTCS will too, which is why he bought into the stock on Thursday, purchasing 50,000 shares at 9.5 cents per share.
Williams said he is looking for the stock to re-test at least the 50-day moving-average line, which is just shy of 12 cents. He says the stock is worth entering below 10 cents because of that potential for a 20 percent gain, and he noted that he would set his stop-loss at the base of the initial pop from last week, meaning 8.7 cents per share. Williams noted that if BTCS does not hit its targets today but remains above stop-loss, he might reduce his position to avoid weekend volatility in the stock caused by the volatile movements in bitcoin.
Jeff Williams is the lead trader of PennyPro.com. He is a short-term trader of stocks under $5 a share. At the time this interview was recorded on Nov. 30, he had just purchased 50,000 shares in BTCS and was planning to hold/trade them as described in this conversation. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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