GBTC (Bitcoin Investment Trust): Many call this Trash! But I call it a PROFIT Machine! Short Term Target $1,130!! Find out more on this blog!
SUMMARY
Many have called GBTC (Bitcoin Investment Trust) trash and a scam! So many hate this stock. That is one primary reason why I recommended it at $648! Elliott Waves and Chart Patterns provide a powerful profit generating system! The below chart is that of GBTC which is traded in the equity market. Each share tracks 1/10 of a Bitcoin's value and yes, there is a consistent premium. So what? It doesn't hold back its ability to give you MASSIVE profits!
The below chart shows the current profit from teh original $648 recommended BUY blog post !. IF Bitcoin (BTC) sustains the uptrend and tags the $7,712 target as noted in the BTC Morning Update!; the Monday's opening price for GBTC should be a sizable gap and quite probably put in the wave 3 target of $1,139. This would represent a whopping 75% PROFIT!
Here is a blue micro Elliott Wave count depicts an extended 5th wave to carry price to the white wave (3). The purple waves are subwaves of wave 5. While this could certainly morph into a different color resulting in a different final count, the destination would still remain the same. That's the important thing..how to arrive at the destination via Technical Analysis...NOT the accuracy or more correctness of the count.
Please review these Tutorials on Laddering! and Buy/Sell Setups!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - d2e60e9856c36f34
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Thanks for the great analysis! This stock is strange, and the close price is always much lower than the open price in last 3 trading days.
Much of that is day trader profit taking. Since Bitcoin trades 24/7 and GBTC only trades during equity market hours, many go to cash because during overnight session, they are afraid of Bitcoin falling and thus GBT will open at 9:30 AM in the Red.
However, Elliott Waves and Chart Patterns help you peak around the corner.
I’m gonna hop out of GBTC before the fork.. i don’t think I can bear to hold thru it! LoL. TY Haejin. Your GBTC chart helped me have the courage to double my position at 700. Buying you a beer for sure.
That's what it's all about! Making money and making friends!
That makes perfect sense!
It has been on my radar for a while, but have not taken a position yet. I wrote this article which is targeted to people who feel it is too late to get in and participate in the exploding crypto/blockchain sector. https://steemit.com/cryptocurrency/@motowngold/bitoin-crosses-7000-dollars-what-can-you-do-about-it-some-investing-ideas-including-crypto-related-stocks