YOU SHALL NOT PASS
Every time I talk with a stranger in the United States and mention I'm from New Zealand, nine times out of ten, they'll mention something about Lord of the Rings.
And a part of me has to take it, because I literally used to live where they shot the film.
Here I am, just a few months ago before I left, walking around with a big stick and I would often shout YOU SHALL NOT PASS pretending to be Gandalf himself.
The place was so remote and devoid of humans so I could do these things when no one was watching.
And now that I no longer live there, I feel like I'm doing the same thing. Except, I don't have a stick in my hand and I'm looking at the price of Bitcoin on my computer.
We've been knocking on this support level near 60,000 for months now and each time I hear Gandalf saying those words when we retest it.
The question I want you to think about this morning is why wouldn't you own Bitcoin (or at least have some crypto-related exposure) here?
I understand that chips and AI are where all the mindshare lives right now. But when I see this chart, I see limited downside risk.
The risk in owning Bitcoin and crypto here is so clearly defined.
If Bitcoin moves just 10% lower, that's the out.
The moment Gandalf and his minions can't defend that 60,000 wall, then you get out of the way and crypto flushes lower again. At which point I'm going to be looking to buy again.
I could be wrong a dozen times, because so long as my risk is defined my reward when things ultimately turn back up is going to make up for all those times the chart got breached.
This week, I'm going to be taking a sizeable position in a single stock that has been crushed more than 80% and whose value is directly tied to the price of crypto assets. If things improve from here, I think this stock can 10x its current value (which btw, if you want the report I just released to my member's with this trade, you can do by signing up here).
The bigger point here is that so long as Bitcoin is above 60,000, I want to own it.
Cheers!
