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2018-05-15_BTL-UTD

ASX:BTL appears to have ended at CAD 3.95 by early April 2018 a 79% corrective retrace that started in December 2017 from CAD 18.9 . BTL Group Ltd. is the creator of Interbit, a next generation blockchain platform and for this reason BTL moves appear to be synchronized with price trends of the broader cryptocurrency space. As a front runner in the blockchain ecosystem the stock can be expected to precede and magnify any cryptocurrency uptrend while mitigating the downside. The first leg up from April 2nd looks like an impulse wave (1) followed by a corrective wave (2). We should now expect wave (3) to start from the present level unless the wave identified as (2) is only the ‘a’ wave from a more complex a-b-c pattern to finish wave (2). In any case the downside appears very limited and we want to go long BTL and add the stock to our long term model portfolio. We will be looking to buy BTL today not higher than yesterday’s close but ideally on a small retrace in the CAD 6.50 area.  

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