Long
Scale in swing on GBTC - Read notes!!
Want a way to play BTC with common shares?
GBTC is your answer. ***Note – the price does not exactly match the BTC/USD price, but relative performance lines right up.
If my EW count is correct, this is how I see this playing out. In my opinion, BTC will continue to move fast so this will be difficult to play unless you scale in.
I see GBTC retracing in an ABC corrective count and staying mostly within the pitchfork. It may or may not make it all the way back to the .786 fib level.
Some key levels to consider scale in are noted.
Green boxed areas from this past summer until now are noted which resulted in the HVN around 13.11 which lines up to the .786fib. At the moment I see that as the magnet, however, the reversal often happens at a LVN which is around 14.16 or so. If you want to play this long it will likely move too fast to time this, hence the nature of a corrective pattern. Either way, I do see the 200ma providing very strong support IF it gets there. However, trying to pinpoint any entry and a stop too tight will likely just get you stopped out.
*** Yellow paths are artists conception.
For me, this is the scale in as long term holding play, not a day trade or scalp.
If you want to really stalk an entry then watch stochastic and RSI closely. I would also suggest watching BTC/USD at the time of entry as GBTC will follow performance closely.
GBTC is your answer. ***Note – the price does not exactly match the BTC/USD price, but relative performance lines right up.
If my EW count is correct, this is how I see this playing out. In my opinion, BTC will continue to move fast so this will be difficult to play unless you scale in.
I see GBTC retracing in an ABC corrective count and staying mostly within the pitchfork. It may or may not make it all the way back to the .786 fib level.
Some key levels to consider scale in are noted.
Green boxed areas from this past summer until now are noted which resulted in the HVN around 13.11 which lines up to the .786fib. At the moment I see that as the magnet, however, the reversal often happens at a LVN which is around 14.16 or so. If you want to play this long it will likely move too fast to time this, hence the nature of a corrective pattern. Either way, I do see the 200ma providing very strong support IF it gets there. However, trying to pinpoint any entry and a stop too tight will likely just get you stopped out.
*** Yellow paths are artists conception.
For me, this is the scale in as long term holding play, not a day trade or scalp.
If you want to really stalk an entry then watch stochastic and RSI closely. I would also suggest watching BTC/USD at the time of entry as GBTC will follow performance closely.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.