GBTC Update: BreakOut Watch....
SUMMARY
GBTC is the Bitcoin Investment Trust traded as an equity equivalent where 1 share should equal 1/10 of a bitcoin. The chart below shows a clear a,b,c,d,e consolidation as blue wave 2. MACD is oversold in this 4 hour time frame and a breakout out of this triangle is likely. The key question is as to whether this is the new run towards all time new highs. If so, the next impulse can take GBTC to exceed the $6k mark. But, let's bridle our enthusiasm, as this is the sub daily degree of trend.
Here is the daily MACD and it hasn't yet started to really curl upwards. The 9 day average histogram hasn't yet set a higher low. I believe the white line will soon curl and cross the red 26 day indicator; but likely not yet. So, what to do? Ladder in! This means incremental entries usig local support and resistance zones. The details of laddering are explained in this tutorial..
Legal Disclaimer: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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I still can’t find anywhere in the UK that allows you to trade this investment trust! It would be good if my pension provider allowed it as I could trade it within my pension!
Don't buy any more cryptos until you read this: https://steemit.com/bitcoin/@investingtips/why-i-see-another-crash-for-bitcoin-and-the-general-crypto-market
Thanks for sharing.
It might be just a US thing
You can trade GBTC in Canada. But only on a regular trading account, not the pension one.
Only in a non-registered account (taxed at the end of the year), not a TFSA nor RRSP (accounts with specific tax advantages). I called TD Direct Investment and asked.
GBT...GBT, GBT... GBT
haejin TA is like this pile of poo!!
Nice analysis, will check out, thanks
Everyone please stop feeding haejin money! if you say that ten coins will rise a day obviously your going to get a few hits in this lucrative market. He makes multiple posts a day accumulating over 300 dollars a post. We need to stop feeding him money because all he does is decimate the reward pool and doesnt care about steemit or steemians! NO MORE HAEJIN
Thanks
It will start going upward once we get out of January. 7 days away. I think February will be a really good month!
Please be careful in Feb. There could be a run to 14-15k, a dip to 8k around the 14th, then a rally.
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Cheers;
can anyone help w ladder in buy zones? i have 1200 as my major support
you're on a roll! thank you so much!
I did the normal eyeroll when I saw the word “you’re”... then I had to double back and compliment you in the correct usage!
Just a funny observation
lol thanks. I try sometimes
I wonder if we would see mainstream media showcase every short seller from this side of the river, because at $6,000 per GBTC, the Bitcoin is being bought/sold at approx $65,000 (price div. by 0.092).
Personally, I absolutely wouldn't short this thing with a 10 foot pole, it went up to $3,500 at one point (for reference, pricing almost $40k per bitcoin).
The premium people put on liquidity in this crypto market, just wow. Still, I did hold some GBTC at one point when the NAV premium was more attractive.