The company last came with the message that the value of the crypto assets it held has risen significantly. Not really a big surprise – the prices of Bitcoin, Ethereum & Co. are accessible to everyone. Nevertheless, the announcement yesterday at the opening caused a small jump in joy in the share.
How is the current chart situation to be classified?
After yesterday’s opening price gap at the start of trading, the value did not make a decisive breakthrough on the upside yesterday. Today, however, the share continues to rise and intraday overcomes the highly regarded EMA200 in the daily chart.
If a closing price above EUR 41.66 succeeds here today, a procyclical buy signal would be generated for the share. In that case, the stock would have short-term air on the upside in the EUR 45-46 area – the area of the long-term downtrend line in the daily chart. If this hurdle could also be overcome, further upside potential in the EUR 60-70 area would be generated.
Conclusion: As long as the share does not slide back below EUR 37.60 (daily close), the path of least resistance is up towards EUR 45-46, potentially significantly higher.
Bitcoin Group share chart analysis daily chart
Disclosure due to possible conflicts of interest: The author is invested in the following discussed securities or underlyings at the time of publication of this analysis: Bitcoin Group SE
(© GodmodeTrader 2021 – Author: Henry Philippson, Technical Analyst and Trader)