conradkz

GBTC moving into area of resistance

OTC:GBTC   Grayscale Bitcoin Trust (BTC)
Complete conjecture. Not financial advice.

If Bitcoin holds up this week, we could be at 44-45 where we have had difficulty holding previously.

Looking back, the 50-day EMA and a fib I’ve drawn out intersected at an area we ultimately failed to hold. This could be coming soon. If it does appear we are having some difficulty there I am setting a stop to protect some profit.

If we do pull back from the level in the red box, I'm looking for a touch at the 50-day as we did last Fall. The EMA would likely be around 36.50 at that point.

Keep in mind that we could touch and bounce any level while the market is closed, and last Fall several of us missed targets due to the action occurring over the weekend, or while markets were closed. It is prudent to plan accordingly.

A bounce off the EMA could then pave the way for a return to 52 and then 58.
Comment: We are still moving up but have had a bit of a breather today. This area of resistance is proving to be exactly that.


I still have a personal target for the red box. Let's see how the overall market reacts to the Evergrande news overnight. We could have additional pulling back below resistance.