GME following delayed BTC pattern or following current action?
Updated
Contrarian assets tend to follow similar patterns, thought I'd compare these two and it seems that GME is mimicking BTC from a month ago albeit on a compressed timeline.
You do have to MagicEye (R) it but if you look, GME is following the same type of price action as Bitcoin did a month ago.
If this is the case then we can expect a move to the downside before recovery. (Currently halfway down the B to C wave at publication)
GME also appears to be following current BTC price moves for the moment.
If all it's doing is following current BTC moves (what it looks like now) then perhaps look to BTC price targets for ideas.
Yes, there is a short squeeze but there's still institutional involvement in both these assets regardless so moves will be predictable even if it appears otherwise.
You do have to MagicEye (R) it but if you look, GME is following the same type of price action as Bitcoin did a month ago.
If this is the case then we can expect a move to the downside before recovery. (Currently halfway down the B to C wave at publication)
GME also appears to be following current BTC price moves for the moment.
If all it's doing is following current BTC moves (what it looks like now) then perhaps look to BTC price targets for ideas.
Yes, there is a short squeeze but there's still institutional involvement in both these assets regardless so moves will be predictable even if it appears otherwise.
Note
Looking for a bounce in the $80-90 area otherwise it might be $45.Note
Wave C completed @ $90. If brokers are still limiting purchases, questioning where the volume might come from other than institutions. Since this is a highly speculative stock I wouldn't be surprised to see it back at $250 shortly (following Btc pattern still) but looking at message boards it appears a lot of retail investors who got in late were burned by this move unfortunately. Let's see.
Note
Resistance at $160 (red line)... a break through that would be great.
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.