It's hard for me to rationalize us not dropping further, except that there are indicators suggesting we are bottoming for the short term now. Thoughts? My suggestion is to nibble when able but wait for confirmation on a new up trend before committing serious $$$.
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.
What are your opinions on this? Comment below, hit the like and follow me. Thank you!
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Possible stop under handle low (HL) or mid cup which is 41.10. Price has not reached long entry level for the cup and handle pattern. Price has reached targets one for the ABC bullish pattern.
GBTC is not overbought on daily, weekly or monthly RSI set on 80 verses 70.
Price was over bands set on 80 showing strong momentum, but are back inside, barely. Long...
On the news that GBTC was discounted up to 20%, many buyers came in yesterday. But is usually the case with FOMO, the next day BTC took a breather and buyers quickly turned to sellers.
Clearing this area of resistance will be difficult as the next one up will be the fund's ATH. You can clearly see the hours-long retracements on our current up-trend. We should be...
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...
Price is approaching top Bollinger band set on 80 verses a 20 daily SMA. Often the bands can keep price contained within although sometimes momentum can cause a break through the upper band. It will return to the interior of the bands at some point.
Target is D. ABC bullish patterns begin with an impulse wave up labeled AB. The BC leg is a retracement of AB. ...
Sellers have given up the pivot, and after clearing FED, buyers are eyeballing pressure towards $46, $49 and $58 above.
A more solid representation is our long-term chart in BTC, but GBTC is also playable.
With sellers showing a lack of necessary tenacity, and...
We've been trading GBTC while hodling BTC long term. Using the BTC charts has worked and the assets are tightly correlated relative price action and percentage gains. Most know or should know that GBTC can swing from a discount to a premium against the underlying asset.
Chart: some folks called the bottom in July as minor wave 2 of a new wave 1 uptrend in a...
$GBTC is currently trading at a 13% discount to the Net Asset Value (NAV) of BTC held by the Grayscale trust. I think this means institutions are still more bearish than they should be on BTC, and once BTC cracks $50k with strength, they'll be rushing back in to buy a product like GBTC. Many still don't want to deal with the custody/security headaches of holding...
This is essentially where I had problems a year ago. At that time, we would push up and then retrace our gains very quickly. As someone said, investing is easy at the bottom. That and I think profit taking will occur the closer to ATH we go.
I have a band drawn out in the 42-44 range from last year and that area still holds true as both support and resistance,...
#1 Main Watch
$GBTC HTF IBO Long
Monthly - Decel/0.618 fib
Weekly - Support/50 ema
Daily - Emas/fib retrace/pullback
RR - 5.2
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Main - $OEG
Secondary - $BLIN
Secondary - $Z
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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.
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