Grayscale Bitcoin Trust (GBTC 1W) A double bottom in formation?
Hi, it has been requested so I might as well do it.
My current view on the GBTC a futures contract which many times lead the race in matter of the bitcoin price.
Since the beginning of 2020 we can clearly see emerging from the chaos and all the bearishness and negative sentiment a double bottom pattern.
Obviously the pattern is not complete nor valid if GBTC do not close a weekly candle above the pivot resistance line (12.137$).
The battle of the bulls against the bear will be fierce.
I’m neutral for now and do not open any large position on Bitcoin because the larger trend has been down for so long now.
On the other and many indicators are bullish:
1 – The weekly stock is pointing up
2 – The RSI is once again in a uptrend after holding the 40 and breaking above the 53.27 resistance mark.
3 – We can also see volume expanding.
4 – The contract is trading above all major weekly EMA.
Despite all that I remain caution and moderately optimistic. Maybe that is the signature of a disbelief rally…
I will keep you all updated.
Disclaimer: This is not financial advice as I’m not a financial adviser. Everyone is wise to manage their own risk properly when considering any trading decision or activities.
My current view on the GBTC a futures contract which many times lead the race in matter of the bitcoin price.
Since the beginning of 2020 we can clearly see emerging from the chaos and all the bearishness and negative sentiment a double bottom pattern.
Obviously the pattern is not complete nor valid if GBTC do not close a weekly candle above the pivot resistance line (12.137$).
The battle of the bulls against the bear will be fierce.
I’m neutral for now and do not open any large position on Bitcoin because the larger trend has been down for so long now.
On the other and many indicators are bullish:
1 – The weekly stock is pointing up
2 – The RSI is once again in a uptrend after holding the 40 and breaking above the 53.27 resistance mark.
3 – We can also see volume expanding.
4 – The contract is trading above all major weekly EMA.
Despite all that I remain caution and moderately optimistic. Maybe that is the signature of a disbelief rally…
I will keep you all updated.
Disclaimer: This is not financial advice as I’m not a financial adviser. Everyone is wise to manage their own risk properly when considering any trading decision or activities.
Comment:
A double bottom pattern completed with a successful retest.
Breakout of the downward trendline.
Close above the 200 day EMA with a bullish cross on the way (20-day EMA above 200-day EMA)
RSI testing the bullish control zone (65).
All of this is bullish and signal a great buy if the price stay above the 200-day EMA.
A double bottom pattern completed with a successful retest.
Breakout of the downward trendline.
Close above the 200 day EMA with a bullish cross on the way (20-day EMA above 200-day EMA)
RSI testing the bullish control zone (65).
All of this is bullish and signal a great buy if the price stay above the 200-day EMA.
Comment:
Now we wait for Friday close :x
Trade active:
Greatness
Greatness
Trade closed manually:
The support did not hold long.
double top pattern+break of support with volume.
I ring retreat for now.
waiting with cash on the sideline to the how deep this can dip.
The support did not hold long.
double top pattern+break of support with volume.
I ring retreat for now.
waiting with cash on the sideline to the how deep this can dip.
On the daily time frame much can be said.
For starter the ICHIMOKU cloud has been breach.