Updated
GBTC breaks out of downtrend channel, above 20-period EMA
We saw a gap up today, reminds me of the good old days. :-)
We have broken out of above a months-old downtrend channel and above the 20-period EMA. We should wait for confirmation. With this sideways action, if you are clawing back in your portfolio, you can consider short-term profit taking or adding to your position when we re-test.
The biggest vulnerability at the moment is the overall stock market and how that will in the short term impact GBTC. It is fairly clear that any correction will result in short-term profit taking.
We have broken out of above a months-old downtrend channel and above the 20-period EMA. We should wait for confirmation. With this sideways action, if you are clawing back in your portfolio, you can consider short-term profit taking or adding to your position when we re-test.
The biggest vulnerability at the moment is the overall stock market and how that will in the short term impact GBTC. It is fairly clear that any correction will result in short-term profit taking.
Note
I know that there are calls for Bitcoin 20k. Cathie Wood will be a buyer of GBTC again at 24 if she gets another chance. There is strong 'whale' support 24-26.
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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.