Bitcoin ETF: Sideways Action to Pattern Out Excessive Gains

BATS:GBTC   Grayscale Bitcoin Trust (BTC)
Probably the most popular Stock Exchange Traded Bitcoin Trust at this time, GBTC has started a consolidation that may turn into a small triangle formation. Triangles are a form of a consolidation that can work to pattern out excessive price gains without a run or correction down.

This is the weekly chart where we can see that GBTC is now above its previous all-time highs. It is still affordable and poses less risk than the actual Bitcoin, which is very expensive.

Martha Stokes, CMT

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