EW Analysis: GBTC Can Be Forming A Bullish TriangleHello traders!
Today we will talk about GBTC - Grayscale Bitcoin Investment Trust from Elliott Wave perspective, which is telling us where Crypto investors are hiding.
As you can see, in the recent rise, GBTC came to the upper triangle line in three waves A-B-C only, so recovery looks corrective, ideally for wave (d), especially if we consider a triangle in wave B in the middle, which also means that BTC and friends may slow down into a deeper corrective pullback. Well, currently we are tracking another three-wave A-B-C decline again, probably down to 8.0 - 6.0 support zone for the final wave (e) and this is where a big bullish triangle may come to an end.
That being said, watch out for a limited gains here at the intraday highs, because a bigger decline into a deeper correction can be around the corner and it can be the same with BTCUSD and ALTcoins. Later then, we can expect the real bull run, when everyone will be very bearish again.
Be humble and trade smart!
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GBTC
Tracking The GBTC Premium Over BTCUSDIf you can't buy BTC directly, or have funds in a registered retirement account you'd like to allocate to BTC, GBTC seems to be one of the few choices out there on the public markets.
It typically trades at a premium, and that premium varies over time. During FOMO bubble spikes like late 2017, it gets to insane levels. As of this writing, the premium is below its 200-week MA.
For anyone considering buying or selling GBTC, you might want to take the premium into account as one of the factors you use to time your entries and exits. (Hint: buy low, sell high -- why aren't you writing this down?)
I thought I'd try to find a way to watch it change, and could only find one old, kind of broken chart. Since TradingView makes this so easy, I whipped up this new one. Enjoy!
