DCC - DigitalX Limited

[greggles]

Since my last post the DCC share price has gone all the way down to sub-10c, no doubt as a result of the decline in the Bitcoin price. In the last couple of days the share price has begun to reverse and is currently trading at 11c, up 27.91% today.

It should be noted that between 26 June and 29 June one of the directors, Peter Rubinstein, purchased 1,500,000 shares on market at an average price of 8.4c. That's a big vote of confidence.

There has been no other news of note in some time, so I expect that today's price action will prompt a speeding ticket from the ASX.

 

[barney]

Thanks for the input Greg …. DCC showed up in the Risers thread today with almost a $1 million turnover for its 27.91% rise ….

Bitcoin etc is out of my comfort zone but the chart shows a strong reversal off the current bottom so it is a possible short term momentum trade …….

Buying the first momentum spike off a low is always a bit of a punt, but also the most likely place to get a quick return if it runs ….. Not my cup of tea but maybe @tech/a might see something in it if the price action behaves

 

[greggles]

Buying the first momentum spike off a low is always a bit of a punt, but also the most likely place to get a quick return if it runs ….. Not my cup of tea but maybe @tech/a might see something in it if the price action behaves

Almost a couple of weeks of drifting sideways and down on low volume and then another big move up on heavy volume. Again, no news so the move is most likely a result of an increase in the Bitcoin price which has risen almost US$400 in the last 24 hours.

 

[barney]

Actually it looks like an tech/a special … Initial spike on high Volume followed by a retracement on decreasing volume which starts moving higher on even less volume then Bang!

The Chart looks good but the Sector is out of my comfort zone … Given the extreme volatility over such a short time frame, I'm no Shark but "I'm out" You still following this @tech/a

 

[tech/a]

Haven’t been watching but as you say
Classic

 

[Bendonovan]

I hold $3,000 of DCC stocks. Got caught up in bitcoin fever.mlost 60% of its value. I bought it half expecting it might fail. But I thought I’d buy some just for a bit of fun!

Should I hold, sell or buy more?

P.s. no I have no idea what I’m doing!
PPS. It’s a very small part of my portfolio hence why I’m not overly bothered at such a big percentage loss..

 

[frugal.rock]

Attention please says the SP.
Shame I ignored this one yesterday...
Blockchain stuff eh?
@Dona Ferentes or @barney may have an opinion or info on this device. Cheers.

 

[barney]

@Dona Ferentes or @barney may have an opinion or info on this device. Cheers.

My opinion for what its worth Froogs (F/R .. @frugal.rock Froogs is your new nick name!)

I have no idea!!

1st major step off a prolonged low .... (caution!)

Wide ranging up bars .... gap ups (off extended lows) .... (caution!)

It could run to 5.9 cents or higher quickly and make you rich. It could drop back to 3 cents and meander there forever.

I don't understand Blockchain, but if the fundamentals make sense, and they have some cash to make it work (whatever it is) .... accumulate it, otherwise trade it cautiously.

ps that is not advice, Who knows, it may run to 2019 highs of 10 cents

 

[aus_trader]

I also can't offer any recommendations, although I have traded it in the past and was one of the biggest % gainers ever in the Speculative Stock Portfolio when it multi-bagged during the last Bitcoin boom.

DCC being a very volatile stock, I agree with barney's points above. Now that you've pointed it out, I'll also be watching it Froogs

I believe the current run in DCC is also due to the recent run up in BTC past the US$10,000, see below:

 

[frugal.rock]

Bizarre, so what does Bitcoin have in common with DCC ?

Bitcoin up massively. What gives?

 

[frugal.rock]

Flip me....!

 

[barney]

Who knows, it may run to 2019 highs of 10 cents

Well bugger me if it didn't do just that. Were you on "Rock" ?

 

[frugal.rock]

Nup, hope someone was.

 

[aus_trader]

Breaking out to the upside on good volume. Worthwhile putting on the Breakout Alerts, which is what I'll do...

 

[aus_trader]

Had a good run..

 

[aus_trader]

BitCoin going bonkers...

Will DCC follow ?

I have picked DCC for Dec Comp...

 

[aus_trader]

Just purchased some DCC shares. Details and reasons are in Speculative Stock Portfolio

 

[bsnews]

Just purchased some DCC shares. Details and reasons are in Speculative Stock Portfolio

View attachment 117352

I don't really do the charting but I see this popped a bit today. I wonder if it's tied into the Coinbase IPO.

 

[aus_trader]

I don't really do the charting but I see this popped a bit today. I wonder if it's tied into the Coinbase IPO.

Not sure any relationship with Coinbase IPO.

DCC did report it's Bitcoin and digital assets held under management and together those assets exceed the value of the company in terms of market cap. So maybe the market decided to value the company accordingly...

 

[bsnews]

Not sure any relationship with Coinbase IPO.

DCC did report it's Bitcoin and digital assets held under management and together those assets exceed the value of the company in terms of market cap. So maybe the market decided to value the company accordingly...
View attachment 122803

Perhaps one lesson to take from the Coinbase float is offered through Australian Bitcoin fund company DigitalX (ASXCC), which saw its share price skyrocket 37.88% to $0.091 yesterday, after releasing its Bitcoin exposure that morning. Today it fell nearly 10% to close at $0.082.