conradkz

GBTC upward trendline, prior support is now resistance

OTC:GBTC   GRAYSCALE BITCOIN TRUST (BTC)
We seem to now have a near-term limit on our upward trend in place. The current behavior seems more included to move down to 42 vs. moving above 47. May be time to scale back some here.

Trade at your own risk.
Comment: Seems we are perfectly content working this upward channel for now.

Comment: We dropped down to a pre-February trend line.

Comment: Interestingly (if you can say that), it appears our target is around $36 at this rate.

Comments

Before I close this one out. We had a short pullback to the downward trend line, but then continued back up. It appeared last night, our short run might break to the downside, but so far buyers sold their Ethereum and stepped in. We could still break to the downside, so keep an eye on overall price action.

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It touched $38. Your projection still calls for $36? TIA.
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@HHSPN, The upswing on Friday delayed or paused the downward trajectory. As you point out, we temporarily created a $38 support level, and a retest would strengthen that support level that we would have to push through convincingly.

Whether you are drawing out logarithmic or linear trendlines, any price action spanning 4 hours or more alters our trajectory. The longer we move forward in time, the more likely investors will be accumulating. We are in a 'middle zone' right now with Fib-traders calling for 30's and log traders calling for 60s.

I will say that if you see Bitcoin down % Monday AM then we will obviously open lower, and if Bitcoin remains down mid-session, then our trajectory will continue.

FWIW, from my experience if I am looking to set limit/stop points I do so slightly above or below the targets due to so many people waiting for that specific point or level that I have to be first in line.

I know this is an imperfect response. I wish you all the best in your trades.
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HHSPN conradkz
@conradkz, No this is great! It speaks from your experience than text book stuff. Thanks for your time.
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@HHSPN, Well... some people want to try to put a run up before we correct, and then push for the final ATH. Let's see if Bitcoin holds onto 50k today or if it gets rejected and we head back down.
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Good idea, thanks
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nice observation!
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