Grayscale
LTCN About To Print MillionairesHello everyone, I figured I would do an updated chart on LTCN. My previous chart played out as predicted so far.
So, LTCN is in a clear breakout. Local top is coming around $30 with a possible 50% correction back down to $15 at that time. Coincidentally after the current cup and handle plays out, this correction will be forming a much larger cup and handle pattern on a higher degree of trend. If this larger cup and handle plays out then I can see LTCN hitting all time highs and probably breaking through into price discovery where we could see $1000 + LTCN. For this to happen then the native Litecoin cryptocurrency would have to be into the thousands of dollars. Either we are all crazy or Litecoin crypto is about to print bigger millionaires. Hold onto your hats folks, things are about to get interesting. Good luck out there.
This is just my opinion, none of this should be considered financial advice in any way.
BCHG Looks Good For A Run To $50 At LeastBCHG has broken through all the resistance levels. Next one is around $24.50 and if it can get through that then I see a straight shot to $43 and then $55. At those levels I would expect a decent pullback perhaps up to 50% before its attempt to break the high. BCHG is much further along than LTCN in its run. LTCN still has a long ways to go to reach the level that BCHG is at. So upside on BCHG is limited in the short term perhaps another 100% vs LTCN could do a 1000% move to reach the same level as BCHG as far as nav value to price. Keep an eye on news and developements surrounding the space and specifically securities and SEC stuff. The Proof Of Work coins are about to make a comeback. I think Litecoin will far outperform Bitcoin Cash but Bitcoin Cash will have a decent run as well. Good luck out there my friends. Ill update this chart throughout the cycle. Please like and follow me and this idea so you can be notified when i update it. Thank you and please know that none of this is financial advice its just my opinion and observations. Good luck my friends.
ETHE BullishETHE Bullish
I am not a financial advisor. This is not meant to be and does not constitute financial, investment, trading, or any other types of advice or recommendation.
LTCN Litecoin Grayscale Trust Parabolic Move Starting Now!As you can see from the chart LTCN has very little resistance from $28.50 to CSE:TO 95 dollars. Once LTCN gets above $28.50 and closes above prefereably on a daily then its game on in my opinion. Next stop would be $95 and then $200 both areas of probably light resistance. The heavier resistance comes in at the prior all time high at $458. The move to $90 could happen very quickly and then from $90 to 200 even faster. I cant predict the timing but it could be as fast as a couple weeks and maybe up to 1.5 months. I think some where in between based on prior moves LTCN has made.
Good luck out there my friends. Check out my Litecoin analysis as well I am updating daily. Also if this adds any value to you please like it and follow me for future updates. Thank you
GBTC Macro-Continuation Pattern - Wedge
-Average drop: 84.25%
-Crypto Adoption (CBDCs, etc.)
-Diminishing Returns
-Shorter Bear Markets
-Accumulation Zone: $9-$11 <-- Bottom
Bearish Rsi divergenceBearish Rsi divergence onweekly chart price weakness in btc Grayscale & Blackrock etf profit booking started Go short Downside fall chance possible ealthy correction btc soon in next 2-4 weeks price consoildate in 40-43k book your profits on long positions as soon as possible
Something to Watch!Traders,
Per usual, I am a little ahead of the crowd here. But I feel it's better to have all perspectives in mind and to be prepared for multiple scenarios than to have never seen it coming. With that being said, here's is a potential future pattern on the BTC daily that may be developing and is something we should all be watching carefully because if it plays out, Bitcoin will go to 31,600 (Yes, I am almost that confident).
Here's what we have to watch:
First of all, watch where our daily candle closes. It appears to be forming a bearish shooting star. Where the price closes today will be critical and is our first big clue as to what might occur next.
But also, if we fail to break above that RED descending TL, more selling may still ensue.
Thirdly, if we sell back down to our neckline, it could spell trouble as a small H&S pattern will have completed. The probability of the pattern playing out and further selling to continue will now be around 85 percent.
But, fourthly, we will have to break that neckline (PURPLE descending TL). If that neckline is broken and price confirms with another candle open and close below it, we are most likely going back down to that 31,600 price level I have referenced so many time in past posts.
Again, this post is very premature, but it is something that I think we need to keep on our radar. As you can see, quite a few indicators must trigger prior to this type of selling occurring but with each occurrence we can grow more confident in Bitcoin's future movement. Should any of the above fail, we would then have to re-evaluate the chart as it may invalidate the pattern or greatly decrease the likelihood of a 31,600 retest.
Stay tuned here and I'll keep you all up to date on this developing pattern.
BTC Market Update 5th February In the latest analysis post, I've closely examined the performance of Grayscale Bitcoin Trust (GBTC) with a particular focus on recent liquidity movements. Over the past week, spanning five trading sessions, a noticeable deceleration in the rate of daily outflows from the trust has been observed. Specifically, the average daily outflow rate has contracted by +20%, indicating a substantial reduction in the volume of withdrawals.
Since its inception, Grayscale's Bitcoin exposure has significantly diminished, registering a reduction of 127,000 BTC, equivalent to a 20.5% decrease in its holdings. This contraction can be attributed to various factors, including the liquidation of positions by discount buyers, the unwinding of assets by the FTX estate, and a notable shift by investors towards more cost-effective ETF options available in the market.
Regarding Bitcoin's market direction, my analysis suggests a period of consolidation before any potential upward momentum. Currently, there are no discernible indicators hinting at an imminent downturn in Bitcoin's value; the market conditions appear stable and ready to grow. This stability holds significance for the crypto market, as historical patterns indicate that an increase in Bitcoin's price often precedes similar uptrends across the broader altcoin market. In essence, when Bitcoin's price rises, it tends to have a ripple effect, elevating the value of other coins.
The intricate interplay between Bitcoin's liquidity movements and its price dynamics, coupled with the subsequent impact on the altcoin market, underscores the complexity of the cryptocurrency investment landscape. Having a long exposure in the consolidation range is considered a favorable entry point, especially for portfolios without existing long exposure.
Bitcoin Resilience Unveiled: Decrypting the $500 Million Outflow
In the fast-paced realm of cryptocurrency, the recent data from CoinShares has unveiled a noteworthy development – a significant outflow of $500 million, particularly from Bitcoin. The eye-catching aspect of this financial narrative is the juxtaposition of Bitcoin's struggle against a massive exodus from Grayscale. Amidst this turbulence, the crypto market seems to be on a path toward recovery, prompting discussions about its resilience and future trajectory.
Grayscale Exodus and Bitcoin's Battle:
Grayscale, a prominent digital asset management firm, witnessed a staggering outflow of $2.2 billion last week. However, the latest data indicates that this exodus might be subsiding, offering a glimmer of hope for market stabilization. The outflows, totaling $5 billion since January 11, triggered a wave of bearish sentiment, impacting not only Grayscale but also key regions such as the United States, Switzerland, and Germany, with outflows of $409 million, $60 million, and $32 million, respectively.
Bitcoin ( CRYPTOCAP:BTC ), as the largest cryptocurrency by market cap, bore the brunt of this downturn, experiencing substantial outflows amounting to $478 million. The market sentiment turned bearish, driven primarily by Grayscale's significant outflows. However, amidst the storm, there are indications that Grayscale's outflows are tapering, providing a potential lifeline for market stabilization.
Bitcoin's Resilience and Market Dynamics:
Despite the challenges, Bitcoin ( CRYPTOCAP:BTC ) has demonstrated resilience on a month-to-date (MTD) basis, witnessing a net inflow of $791.4 million. This unexpected inflow suggests an underlying strength in the market, challenging the bearish narrative that emerged from Grayscale's significant withdrawals. The crypto landscape, as always, remains dynamic, with market participants closely monitoring these developments for insights into potential shifts in investor sentiment and overall market dynamics.
Diverse Investor Sentiments:
The crypto space continues to showcase diverse investor sentiments, evident in contrasting fund flows. While short-bitcoin strategies saw inflows totaling $10.6 million last week, indicating a bearish outlook from some investors, blockchain equities experienced inflows of $17 million. This interest in the broader blockchain technology sector reflects a more optimistic perspective on the underlying technology driving cryptocurrencies.
Looking Forward:
As the first month of 2024 approaches its end, the crypto community remains vigilant, closely observing these developments for clues about the future. The interplay of fund flows, investor sentiments, and market trends will likely shape the narrative in the coming months. The evolving landscape prompts questions about the sustainability of Bitcoin's resilience and the broader impact of institutional decisions on the cryptocurrency market.
Technical Outlook
Following a test of the support zone at $38,600–$39,500, the price rebounded, hitting a new local high of $42,840.
Despite this recovery, Bitcoin's future trajectory remains uncertain. If buyers can break through the resistance at $42,690, CRYPTOCAP:BTC could aim for the next selling range between $44,000 and $45,120, potentially testing the $46,160 level. Such a move would signify an end to the current correction phase.
In case of a decline, the coin might revisit the support zones at $40,370–$41,400 and $38,600–$39,500, possibly setting new lows.
Key Notes for BitcoinIt's like crazy as we know the last few days of the market environment which is obviously not good for BTC. The way the market is looking right now however is pretty horrible. Together with the Grayscale's FUD which they keep selling BTC to the market somehow is killing this market slowly.
Therefore, I give you these key notes as guidance for the next BTC movement :
1. There is consolidation range currently is forming between $44454 and $40270 with the middle level is located at $42362
2. Price is temporarily breaking down below the $40270 as the range low. As long as the price can't reclaim above this broken support there is risk for further downside movement.
3. There is the bull market support band on the weekly time frame which is becoming the main idea that has been driving the price over time since a long time ago. Currently the Bull market support band is now having an alignment with the .382 Fib level from the whole swing structure from $15466 to $48993.
4. Not it's all on bearish side as of now. In fact, the price is now trending at the extremely oversold level after 21% drop from the peak of prior impulse structure located at $48993. With current amount of the short sellers coming into the market, there is also possibility of the relief rally on the short term. The liquidity gap / fair value gap located at around $45000 is becoming the hottest spot as of now as it has an alignment with the golden ratio level.
There are all some of the notes you need to consider just before you jump into any trade. In my opinion, opening a short position at current structure is not worth at all due to the fact that the price has been dropping for more than 21% from the peak.
Entering short position at this rate is also not good because the room to move to the downside is way smaller than entering long position.
Entering long (buy) position is way safer in term of the risk management idea because there is still huge room to gain to the upside. And also, there is still another pushing factor which is the fair value gap located at the upside which hasn't been closed.
My personal position is at the long (buy) side as of now which I've been opening since the price was at $38700 and of course, I still have majority capital as back up to accumulate more (if necessary) if the price drops even more in the future.
Based on my perspective and calculation, the long(buy) position is in a very good favor and I see the possibility of 'discount' in current price.
But once again, I only share my thought here and this post is not the recommendation to enter any position as you know I'm not your financial advisor. So that it's important to understand that you must Do your own research before jump in any position.
All risk is at yours
LTCN Litecoin Grayscale Trust LTCN is about ready to pop. The inverse head and shoulders measured move would bring it to around $10 then a small correction before a massive rally to $35 and beyond, all depending on what Litecoin does. I believe Litecoin will be thousands of dollars in the next bull run as its is one of the very few that are not securities and are commodities. If that happens and Litecoin goes parabolic to 2 3 4 $5000 dollars then the Litecoin Trust will explode. There could be a massive premium at that point to making one share of the trust cost $7000 or more. 1000x-2000x totally possible. Litecoin is poised for a massive rally I believe. Its going to outperform every single other crypto out there this next real run. Besides maybe your random dog coin that could go up 100000000% but as soon as someone cashes out $5 the price drops by 60%. But for real I think this is a good play.
This is definitely not financial advice, this is just what I think and my opinion. Do your own research and so what is best for you. Thank you.
#GBTC - Grayscale -9.7% to Net asset ValueWhere is Barry Silbert?
:)
Anyway Grayscale #Bitcoin trust
is a few months away from achieving equal valuation to it's holdings of #BTC
What does it mean ? Mainly its a sentiment indicator this cycle, but it still holds a vast quantity of coins so we will see if all these #ETF's get approved.
Big players can get exposure to discounted BTC still! ( plus the yearly fund fee)
When the discount goes away and the low cost ETF's get approved
that buy pressure is likely to shift to those vehicles instead.
Bitcoin ETF Launch: New Bull Run? 🚀📈
The Potential Impact of Bitcoin ETF Launch: A Long-Term Bull Run? 🚀📈
Hello, crypto enthusiasts! Today, let's explore the exciting prospect of a Bitcoin ETF (Exchange-Traded Fund) launch and how it could potentially set the stage for a long-term bull run, drawing parallels with the impact of gold ETFs in 2004.
📊 ETFs: ETFs are investment funds that track the performance of a specific asset or group of assets. A Bitcoin ETF would enable investors to gain exposure to Bitcoin's price movements without holding the cryptocurrency directly.
📈 Historical Precedent: To understand the potential impact of a Bitcoin ETF, we can look back at the launch of gold ETFs in 2004. They provided an accessible way for investors to buy into gold, significantly boosting gold's price and leading to a prolonged bull market.
🚀 Potential Scenarios: If a Bitcoin ETF were to launch, several scenarios could unfold. It could attract a wave of institutional and retail investors looking to diversify their portfolios, potentially driving up demand and prices.
🌟 Long-Term Bull Run: Similar to gold, the introduction of a Bitcoin ETF might pave the way for a long-term bull run. Increased mainstream adoption and acceptance of Bitcoin as a legitimate asset could be on the horizon.
🔮 The Future Awaits: It's essential to remember that markets are influenced by a multitude of factors, and nothing is guaranteed. While a Bitcoin ETF launch could be a catalyst, thorough research and risk management remain crucial.
In conclusion, the potential launch of a Bitcoin ETF has garnered significant attention, and its impact could be akin to the transformative effect of gold ETFs. If history is any indication, we might be on the cusp of an exciting era for Bitcoin and cryptocurrency.
Stay informed, stay prepared, and remember – the crypto landscape is ever-evolving, presenting both challenges and opportunities! 🌐🚀
Grayscale vs SECFrom 29-08-2023 to 31-08-2023
Disclaimer:
This is for educational purpose only.
This is not a financial advice.
BTC FAKEOUT As Grayscale Wins SECBuy the rumor, sell the news...
Hi Traders, Investors and Speculators of Charts📈📉
Grayscale Investments, the world's largest digital asset manager, sued the U.S. Securities and Exchange Commission (SEC) in July 2022 after the SEC rejected its application to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
Grayscale argued that the SEC's decision was arbitrary and capricious, and that it violated the Administrative Procedure Act. The SEC had previously approved bitcoin futures ETFs, which track agreements to buy or sell bitcoin at a pre-agreed price, but had rejected spot bitcoin ETFs, which track the actual price of bitcoin.
On August 29, 2023, the U.S. Court of Appeals for the Second Circuit ruled in favor of Grayscale, saying that the SEC had failed to adequately explain its decision to reject the application. The court said that the SEC had not shown that there was a "material difference" between spot bitcoin ETFs and bitcoin futures ETFs, and that the SEC's concerns about fraud and manipulation were "speculative."
The court's decision is a major victory for Grayscale and the broader cryptocurrency industry. It could pave the way for the approval of the first spot bitcoin ETF in the United States, which would be a major milestone for the industry.
Unsurprisingly, the price of BTC reacted to the news. But when we consider technical analysis, it seems more like a fakeout / bulltrap.
👉 Perfect rejection at 200d Moving Averages
👉 The price was already oversold on the RSI, upside was to be expected regardless
👉 "Event" price action is usually bad price action (remember how the price of XRP jumped after SEC victory ruling just to fall all the way back down again)
For now, the best course of action seems to be observing from the sideline and look for other trading opportunities with better risk/reward setups across the altcoin market.
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Revisit Grayscale Zcash Trust Privacy Crypto Scarce Supply ZECWe appear to be experiencing the late-stage of Grayscale Solvency FUD, Anti-Barry Silbert FUD, and peak macro-doomer saturation
If true then the trend could reverse and give opportunity for 100-400% upside. Take a Look at the performance of Grayscale ETCG from its 2018-2019 lows to highs that occured mid-cycle, pre-bull run (More than 500-600% gained)
Grayscale® Zcash Trust (ZEC)
(ZCSH)
Digital Assets
OTCQX US
TradeSet AlertAdd to Watchlist
$1.895
Today's Change
$0.205(+12.13%)
Bid/Size
$1.85/160
Ask/Size
$1.94/628
Today's Volume
4.9KAbove Avg.
Today's Range
$1.69$1.95
52 Week Range
$1.50$17.30
Today's Open
$1.69
Previous Close
$1.69
Quote as of 10:51 AM ET, 01/09/2023
✨GRAYSCALE WINS AND BITCOIN ETF! ✨ ✨ Absolutely amazing news here with the ruling by the D.C Circuit having ruled in favor of Grayscale in it's lawsuit against the SEC for the SEC's decision to deny Grayscale's conversion to an ETF successfully paving the way for Grayscale's filing/ETF petition to be reviewed.
✨ This amongst a series of losses and hard hits for the SEC the past few weeks has been shocking, no doubt casting doubt upon the SEC's decisions and reasonings with the Judge pointing out the fact that the SEC did in fact not offer any explanation or reason for why Grayscale could not file an ETF/go through with the conversion.
✨ This of course doesn't mean or give a 100% confirmation of Grayscale being successful with the Bitcoin ETF, but the ruling alone in itself is a huge achievement and will allow Grayscale to get another chance basically, and this time the SEC can't slap them away or deny the review.
✨ Such is the reason behind the big move up we've had today across the market with Bitcoin and XRP leading the way as whales jump back in amongst the positive news/outcome which had been weighing on the market considering Grayscale alone manages over $14 billion in assets and holds $643,572 BTC as of currently which definitely holds a lot of weight in the market.
cointelegraph.com ] cointelegraph.com
✨ I'll leave the idea there for now but I've attached a link to an article below by Coin telegraph which should help explain more things about the ruling in detail for those of you that would like to read in more but regardless it's very positive and I'm happy with things of course.
✨ Thanks for joining me as we go about our crypto journey, not just as one, but together. It's not always easy but days like this really help ease the mind sometimes. Feel free to leave a like or follow, never hurts and always helps. Thanks and all the best!
~ Rock '
Long Grayscale Crypto Altcoin Products GXLM Stellar Lumens ZcashXLM Price Live Data
The live Stellar price today is $0.107277 USD with a 24-hour trading volume of $104,424,569 USD. We update our XLM to USD price in real-time. Stellar is down 3.56% in the last 24 hours. The current CoinMarketCap ranking is #28, with a live market cap of $2,709,539,393 USD. It has a circulating supply of 25,257,395,966 XLM coins and a max. supply of 50,001,806,812 XLM coins.
The Zcash trust is the other top opportunity. Both Stellar and Zcash have good setup to provide near 100% moves in a fast manner
Grayscale Ethereum Trust (ETHE) Daily Price TargetsHey traders,
Looking at the daily time frame of ETHE here, if Ethereum can continue its move upwards, we can expect to see a $ 12 price target for ETHE.
At the moment, ETHE by itself is -44% Discount to NAV which means you’re essentially buying Ethereum spot price around $1000.
The $ 8.78 support level has held and i’m expecting that to before this move up and out of the $ 8.78 - $ 9.78 range, and hitting $12.11 as a result of that momentum.
Again, this chart basically depends on the spot price of Ethereum, These targets I have marked are where i’m looking to take profits:
🎯 12.11
🎯 13.89
🎯 15.97
As always please do your own research, this is not financial advice.
The Revival In the past two weeks, the market has seen a significant increase in bullish momentum leading many to believe that the proposed ‘echo bubble’ that many predicted for 2023 may indeed play out.
It was initially unclear what was driving this momentum but the market gaining confidence that CPI will continue to decrease, as well as a temporary liquidity increase thanks to the ongoing US Debt Ceiling increase crisis, seem to be important factors. The U.S. CPI data published on the 12th of February was in line with expectations with a 0.1% reduction. There is evidence to suggest that if CPI inflation continues to fall in 0.1% increments M/M, and if recessionary predictions play out as expected, then the FED could potentially hit its 2% Y/Y target as soon as May. An important thing to note is that this was the last CPI print that will be calculated based on the current methodology that considers two years of data. February’s data will be calculated on a single year of data meaning that future 2023 CPI prints will be based on consumption in 2021 alone. Considering 2021 data instead of 2020 and 2021 will likely bring the upcoming CPI numbers down leading analysts to believe that the FED is indeed engineering a pivot.
One event that could temporarily put a halt to the rally is that Genesis, the parent company of Grayscale, is said to be planning to apply for chapter 11 bankruptcy as soon as this week. It’s worth noting that the discount on $GBTC has widened to -43% over recent days after it had climbed back up to -36.5% following the December lows. Many analysts feel that the market already has this event priced in, however, it is certainly something to keep an eye on.
From a technical perspective, Bitcoin broke out from the falling wedge pattern and ripped above $20,000. Bulls will be hoping for a weekly close above the $21,000 resistance which would light the way towards $28,700 which is the prior head and shoulders neckline and 61.8% Fibonacci retracement level of the $3,782 2020 low to $69,000 2021 high. Bears will support the prediction of Elliot Wave theory that the observed rally is part of a Wave 4 correction. This means the market could potentially still have a Wave 5 selloff to come which would test the lows. The above Bitcoin weekly chart shows that the bullish momentum the market is experiencing in 2023 lies within the boundaries of Wave 4 meaning that the market may not be not out of the woods yet.
An important event to watch in the coming weeks is the FOMC meeting on the 1st of February. Following this meeting, the FED will release projections for the Federal Funds Rate in the coming quarters which will have a significant bearing on the short-run market direction. Volatility will be high around this time and caution should be exercised when entering positions.
ETHE 51% Discount to NAVGrayscale Ethereum Trust and Grayscale in general for that matter, has been beaten down this year, with the clearest example identified in the ETHE Discount or Premium to NAV (Net Asset Value) which is down -51% to par. Given the current spot price of Ethereum (at the time of writing) at $1,321, this would put the spot price of each Ethereum held by Grayscale in the trust at ~$673 per Ether. This price per Ether is obviously undervalued and the market will pick this back up as the price of Ethereum returns to mean.
Looking at the weekly time frame, the three easily identifiable lows on this chart are at the end of 2019, 2020, and now 2022. This looks like now to be a great buying opportunity or a place to stack onto your position as we’re closing out the year. From here, I’m expecting a return to par value with the share price of ETHE and that should tick it around $12-13 for a fair price.
This chart combines both technical and fundamental indicators so we’ll see how this goes. The contrarian trade or the opposite end of this play is Grayscale and Coinbase are secretly insolvent and this whole trade is a bust / never returning out any physical Ether to shareholders. I’m buying at these levels for some exposure in my stock trading brokerage as it’s a 51% discount to spot price of physical Ether, again would be the ultimate goblin level lows for Ethereum at $673-688.
As always please do your own research, I am not a financial advisor and this chart is for educational purposes only.
Powell Time The past two weeks have been relatively calm as Bitcoin traded in the $16,000 to $17,500 range. It appeared that the contagion effects from the FTX collapse were slowly starting to fade, however in the past few days more information has surfaced surrounding Grayscale Bitcoin Trust (GBTC) and its potential insolvency.
On Wednesday GBTC closed down -7.42%, giving prospective buyers a record 43% discount on Bitcoin. Many are hypothesising that a large institutional investor is dumping shares of the ETF in order to patch a hole in their balance sheet and maintain solvency. After all, it has since been revealed that many institutional players, such as Grayscale’s parent company (Digital Currency Group), had significant exposure to FTX and its associated companies. You would assume that investors would flock to buy at these discounted levels, however Grayscale is currently being sued by hedge fund Fir Tree in order to investigate potential mismanagement and conflicts of interest. It’s likely that many investors will wait for the outcome of this litigation before making a definitive decision.
In other news, Jerome Powell, chair of the Federal Reserve (Fed), gave a speech on 30th of November where he detailed that a 50 bps rate hike was coming. Interestingly, this immediately caused a surge in risk assets and equities, the opposite from what macroeconomic theory would predict. This is likely due to markets reacting to the higher probability of a “pause” (a period where a central bank holds rates constant to assess if and how its policies are working) based on Powell indicating that future rate hikes might be less significant. However, it appears that the market overreacted to this news as the gain in equities following the speech has since been wiped out as the S&P500 has corrected to the levels it was at prior to the speech.
From a technical perspective, bears will be hoping for a break below the $15,500 support level which would likely bring new market lows not seen since 2020. This support has held since our last market update however it is yet to be retested. Additionally, since our last update where the MACD initially crossed its signal line, the short term upwards momentum played out and the histogram has remained bullish. Another important point to note is that the Money Flow Index (MFI) has been trending upwards since it bounced off oversold levels in early November. If this trend continues to play out and the oscillator moves towards 80, traders may look to exit long positions and start to look for short entries.
The two key events to watch in the coming weeks are the December 13th announcement on U.S CPI inflation and the Federal Reserve's December 14th announcement on rates. If inflation comes in soft, it’s likely that risk assets and equities markets will see at least a short term increase in bullish momentum. Inflation figures will likely dictate the Fed's decision on rates the following day and will determine if they stick to the 50 bps hike that Powell hinted at. These two events will have a major bearing on short run market direction. However, if GBTC continues to capitulate and the fund does indeed unwind, the short term future will be bleak for crypto.
