Today In Crypto Stocks
Disclaimer: I am most definitely not qualified to give financial advice, do not take the following as such it is for educational/informative purposes only. I am currently long MCB and MARA.
Metropolitan Bank Holding Corp (NYSE:MCB), my current favorite, had yet another up day, keeping it's honor of being the 2nd best performing US IPO out of all that went public in November. It's Coinbase linked debit card, the shift card, allows people to spend their Bitcoin anywhere a Visa is accepted. I'm going to be holding this one for awhile I think, it's a sleeper stock with only about 340 watchers on Stocktwits. Keep in mind when I first found it the day before yesterday it only had 126 watchers if I remember correctly. I believe MCB is being listed on the Russell 2000 on December 15th and this should bring some more volume in. MCB has a very low float of 5.65 million according the Marketwatch, so this one can move fast if volume comes in. Seeking Alpha Article on MCB's bitcoin connection
Riot Blockchain (NASDAQ:RIOT) also had an amazing day, gapping up to open at $26.25, going all the way to $33.27 before settling back down to a slightly more reasonable price of $28.20. Unfortunately it did pull back some after hours as well and it is currently at 24.55. You can only go up so fast before a pull back after all, especially once traders who were up around 100% in TWO DAYS decided to take profits. However higher highs and higher lows as well as recent positive news make me bullish on this one long term. Fundamentals aren't great or even good but I truly think they can leverage their new investments in block chain tech to become profitable eventually, unless of course they are run by complete morons. I got in yesterday at 18.90 and got stopped out today at 27.00. Kinda angry I didn't sell when it was over 30 but at the same time glad I didn't hold overnight. One of the things I'm trying to work on as a developing trader is getting comfortable with the fact that I am never going to pick the exact top or bottom of a move. I might get back in tomorrow if it dips lower providing a good buying opportunity. This stock had a previous run up like this but it crashed hard once it reached the 24 dollar level. Then it consolidated until the perfect combination of Bitcoin futures debuting and merger news led to a bull run that surpassed the previous one. Some people are comparing this stock changing it's focus and it's name from Bioptix to Riot Blockchain to what happened during the dot com bubble, when companies would add .com or something of that nature to their name so that they could ride the internet hype up. So be cautious about this stock but they have an advantage of being the only US exchange listed stock with block chain in their name that I am aware of, and that alone is reason to check them out. Also another reason this stock can move up and down so quickly is it has a very low float, only 5.19 million according to Finviz. Congratulations to anyone who made some money on RIOT today!
Marathon Patent Group (NASDAQ:MARA), another low float crypto stock has been consolidating above the five dollar mark, just like it did around 4.50. recent news of a public offering (AKA share dilution) has dampened the bullish momentum a bit but I think it will bounce around this level for a few days and then continue upward. Who knows though. MARA became a Crypto stock when they announced plans to acquire Global Bit Ventures (I'm not sure if the acquisition has been finalized yet but if not I have little doubt it will be approved.) Press Release Link
Digital Power Corporation (NYSE:DPW) had some momentum today and pissed me off because I sold it at a loss the other day when patience would of allowed me to get out ahead. I've made and lost money on this stock several times as it has bounced all around over the last couple weeks. I don't know what this one is going to do, well I don't know what any stock is going to do but I have a feeling that this one is going to drop below 3 again anytime soon and will probably hold 4 dollars . The volume coming into DPW has been insane lately. Keep an eye on this one folks, it could have a RIOT style run up if it holds support. I'll break down all my DPW trades in another post because there has been a few of them and I need to go over them for my own sake because some of them were great and some were horrible so maybe I can learn something by going back and analyzing what I did.
Overstock (OSTK) had a red day today after a nice up day yesterday, opening at 59.10 and closing at 53.45 still above yesterday's open. I don't know if this is a pull back or a trend reversal but I will tell you I wouldn't personally short this stock anytime soon ever since they started accepting bitcoin as payments. Of course I got stopped out of this one on Friday right before its big run up.
Square (SQ) has been consolidating for days around 38 dollars as far as I can tell. Today it opened at 38.07 and technically closed in the green by one penny at 38.08. Square is having a much needed break after a great run up. Long term I think square is a great investment, but for short term trading I'd wait until it breaks above 41 dollars to open a bullish position. I last bought SQ at 41.94 and sold at 42.90.
Please comment and let me know your thoughts! Thanks for reading everyone (probably about 3 people)