there is nothing to upramp here. the company is loss making and management are seemingly over paying themselves... the trading here is of the back of bitcoin, even though they only have 428 bitcoin... If DCC sell their bitcoin the SP will eventually plummet if they dont start making revenue from their investments and business strategies.. this is common sense
This stock is full of traders and manipulation IMO, recent SPP was done of the back of a VWAP which prior to that had a surge in the SP.. so profit takers are getting their fill and DCC benefited from yet another injection of free cash...
If Bitcoin continues to head north then DCC will move accordingly.. literally a gamblers stock at present..
If Bitcoin retraces and falls then expect DCC to retrace... there is no confidence here in the business structure, just in the bitcoin holding.. yet the market cap is over $40million
Hopefully DCC for holders sake can make one of their business strategies make some decent revenue so that the company doesn't just have to be based around bitcoin..
Bitcoin's recent climb topped out, then it retraced and near formed a double top, chart below taken 5 minutes ago... you can see there is a forming channel on the downward, if this breaks further a small sell down may happen, hence why DCC is retracing..
BTC needs to break out of this channel and climb past the attempt of a double top to continue the bull run... at present its is a little shaky ... hence DCC will continue to follow BTC... IMO it is stupid that investors use BTC to determine trading at DCC being that they only hold 428 BTC... but hey if that is the tool that investors are playing with to trade here then play the game I say.. one should short DCC if BTC declines out of that channel as the bears will retrace this fast and hard... go long on DCC if that channel heads toward the attempt of the recent double top... hard to predict at present, hence the sell down here is happening accordingly..
If BTC starts to fall hard below that black line, then be prepared for a sell down, chart looks shaky at present... basic chart below:
DCC Price at posting:
6.8¢ Sentiment: Sell Disclosure: Not Held
