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...
I am providing four support areas for Grayscale Bitcoin Trust (GBTC) in the event that BTC starts to drop significantly.
S4 meets the long term bottom trendline, which has the strongest support. I added in VPVR to show volume clusters.
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When it touched this trendline it rose by 400% the first time and 1000% the next. It also rose VERY fast. Pivitol point which could mark the bottom in BTC. Send it.
(1) 🔬 Dividing the GBTC price by the BTCUSD price, we have this chart in a downtrend.
This indicates that GBTC has underperformed Bitcoin.
🟢 The price spent most of the time in the green rectangle, threatening to break out several times.
In March 2021, GBTC broke out of this rectangle.
🟣 Projecting this rectangle downwards, in a new purple rectangle, we have a...
Taking a look at grayscales GBTC in comparison by last drop of the cycle bottom on november 8th , 2018 to november 8th 2022 point. CCI and Macd similarities. Could show close bottom confirmation.
GBTC actually formed a lower low and closed the week above the 1.618 fib at $13.12 with weekly bullish divergence & a weekly bullish engulfing candle. Expecting a gap fill up to the .382 fib at $17.4. Confirmed weekly buy signal on Cipher B.
The premium to NAV is still sitting at all time lows at -31%. Illustrating this on the GBTC chart, BTC is not far off its...
I mean, if you want to make money, you just don't buy crypto. At least not right now.
You can say whatever you like, but price never lies and this ratio is screaming the truth.
OTC:GBTC / SP:SPX is clearly in a downtrend. At least it needs to breakout from that downward resistance line to even consider go looking for cryptos to buy.
Sure, INDEX:BTCUSD ...
Charts look as if we could see a significant bear market rally. This is a basic falling wedge pattern and the measured breakout seems to top out at the .618 to .65 golden pocket (fib retrace). It hasn't started breaking yet, this is just what could be. Interesting none the less. It could always break lower and paint a longer wedge.
if the price keep riding signal lower, its a good chance were in for fresh lows. if signal goes green and price suddenly crashes through it to the upside its a good long weekly.
Think this area may prove the godlvl btc opportunity of a generation tbh.
I doubt spot btc holds below 20k for more than wicks at this point, then a move to 50k would see this stock pushing aths.
Entirely possible as an echo bubble situation if btc stabilises above 20k here.
Price acceptance above 20k should see gbtc push up towards 20$ also
3AC liquidation event...
Grayscale Bitcoin Trust (GBTC) Is Historically Bitcoin Front Runner:
GBTC currently -79.39% from ATH, a price equivalent to Bitcoin @ $14,094.20 - A possible near target for Bitcoin.
Historically, Bitcoin average bear market correction is -85% from all time high.
If this scenario is to play out according to historical data, Bitcoin should bottom @ $10,343.44...
Greyscale btc trust trading at 14k btc here
Went as low as 11k crazy stuff
This might be the god tier btc buy opp promised by the bear market, or it might be a sign of things to come, 13,14k is as low as i think it might go, just whether it goes there for spot purchases or just in these wierd trusts thar get devalued abit heavily
Grayscale Bitcoin Trust (BTC) is an investment vehicle that enables investors to gain access and exposure to Bitcoin in the form of a security without the challenges of buying, storing, and safekeeping Bitcoin directly. The company was founded on September 13, 2013 and is headquartered in Stamford, CT.
OTC
