The penny stock of Bitcoin Shop Inc. (BTCS) traded as high as 0.44 yesterday as it tried to make today’s session it’s 7th consecutive green close after bouncing of a 2 month slide from $5.26. Interest has recently been revived in the cryptocurrency and with over 140,000 products available for sale on their website, BTCS stock has been a big winner, gaining over 220% as of yesterday’s HOD. With the early morning sell off happening, the chance to get in prior to the next rally is opening up doors as buyers from yesterday jump out the windows.
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BTCS Stock Quote
Market Cap: 33.99M
Last: 0.30 ▼ -0.066 (-18.03%)
Dollar Volume: $590,271
14-Day Rel Strength: 45.13%
1st Resistance Point: 0.3473
1st Support Level: 0.2393
52Wk High: 7.3132
52Wk Low: 0.136
If you really wanted to know just how good Bitcoin Shop is, you had to do your digging since the 10-K filing, although it looks impressive from a revenue point of view, has nothing to do with the cryptocurrency e-commerce site. Granted they have only had limited operating activities to date, BitCoin Shop booked $29,328 in revenues between July 28, 2013 and December 31, 2013 which resulted in net income of $17,125 which is pretty darn good from a ratio point of view.
Shares of BTCS stock were hotter than a ghost chili as soon as BitCoin Shop closed their merger agreement with Touchit Technologies, Inc. (TUCN). With a finite supply of 21 million bitcoins globally, the mere opportunity for BitCoin Shop to transact the cryptocurrency provided an optimistic view which was quickly kicked in the head after valuation volatility had the price of one bitcoin fluctuating so largely that a mini-collapse and the failed Mt. Gox exchange chased investors away.
While news of BitCoin Shop moving into a new space within walking distance of Washington D.C. and with increased capacity and room for growth to recruit to talent, BTCS stock traders are still seeing this to be a short-term hold for a flip rather than a buy-and-forget price with expectations of above $1 to return anytime soon.
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About BTCS Stock
Bitcoin Shop Inc. is a development stage company that operates an ecommerce website, similar to Amazon or eBay, where consumers can purchase products using virtual currency such as bitcoin, litecoin and dogecoin, by searching through selection of over 400 categories and over 140,000 items.
Issued and Outstanding: 124,440,204
officers and directors as a group: 98,254,574
Last 5 Trading Sessions:
With shares of BTCS having swung .10 already today, volume is significant enough that penny stock traders should be eyeing entry points when the sell off begins to die down. After 6 consecutive bullish trading sessions, the momentum swings within BTCS stock, if played correctly, can bring in a couple $1,000 on a day like today. Eventually, when the first official 10-Q is filed for BitCoin Shop, a return to above $0.50 and run towards $1 is definitely a possibility worth paying close attention to.