Today you can review the technical analysis idea on a 1M linear scale chart for Grayscale Bitcoin Trust (GBTC).
GBTC has been falling significantly and it does not look good for the firm. Though they hold a significant amount of BTC, the discount is close to 50% and climbing resulting in the value of the Bitcoin held under $10,000 in the trust. This is a mega concern!
My first warning on GBTC was on NOVEMBER 16, 2021 when the price was near $50. It has lost close to 85% of the value since my warning. Now I am concerned that the price will continue to go lower, possibly even back down to under $2 where it was trading in 2017. There is a possible support near $5 but if that breaks, it will be really concerning. Be careful!
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
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GBTC perfectly backtested the S/R line and heading back lower it seems. Let's see!
Interesting explanation, what risk do you suggest using?
MillionaireEconomics
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@RLinda, Personally I am keeping an eye on the whole story around Genesis getting funding. Since Genesis and Greyscale is owned by a common company, that should affect Greyscale as well. Just my opinion,
UnknownUnicorn15614419
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Mate, I would skip that idea if I were you. I think it's worth waiting for some levels to be confirmed. So far RRR looks a bit dubious.