SUMMARY
GBTC is the equity for Bitcoin Investment Trust Fund and each share tracks 1/10th of a bitcoin. Many have called this instrument a scam or trash because it isn't Bitcoin or because of arbitrage.
I had recommended GBTC at $647 and had gone as high as $966 and currently sits at $870. I now target GBTC for $1,354...a whopping 55% from current $870 level.
The below chart shows the original bullish ascending right triangle that had successfully launched GBTC into a new uptrend. From $966, a correction has ensued as it tracks Bitcoin. The bullish flag is also uncanny. There is high probability that price will breach the out and above this pattern during tomorrow's trading.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
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LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**