We have provided coverage on BTL Group, one of the few publicly traded blockchain companies. We forecasted a drop in the stock price which has materialized. The question top of mind of many readers is: how fall will BTL Group’s stock price fall?
The stock broke out in September last year, at $0.90 and went up five-fold in six months time.
The rally in BTL Group’s stock price took place on several announcements of the company as it expanded its application with global companies like Visa. It certainly looks as a promising blockchain application, and investors bought the story.
We wrote recently that BTL Group Could Disrupt Finance With Blockchain, and compared this company with Amazon in 1997. We do not pretend to have crystal ball, and the likelihood of hitting the next Amazon is extremely small, but the potential behind this blockchain application of BTL Group is significant. If the team will do the ‘right’ thing, it certainly has the ability to grow tremendously.
Note that we first mentioned BTL Group a while back in Is BTL Group A Stock To Buy.
Back to the core question: is BTL Group a buy at this point or will it fall further?
The interesting thing we observed today on BTL’s chart is that a second trend channel is developing. We saw the one indicated in white on the chart, but now, with the recent retracement, the stock fell to the support area of the larger trend channel which is indicated in purple on the chart.
After a fall of 50% in one month, it could well be that this was it. Unless BTL goes below $2.75, we are confident getting in at these levels again.
NEW report: Canadian Cannabis Market On Fire. Which Stocks To Buy. Featuring 5 very high reward stocks. Get access now >>
Follow official Ethereum prices in real-time. Read daily Ethereum price news on www.ethereumprice.today >>