SUMMARY
GBTC is the Bitcoin Investment Trust traded as an equity equivalent where 1 share should equal 1/10 of a bitcoin. The chart below shows a clear a,b,c,d,e consolidation as blue wave 2. MACD is oversold in this 4 hour time frame and a breakout out of this triangle is likely. The key question is as to whether this is the new run towards all time new highs. If so, the next impulse can take GBTC to exceed the $6k mark. But, let's bridle our enthusiasm, as this is the sub daily degree of trend.
Here is the daily MACD and it hasn't yet started to really curl upwards. The 9 day average histogram hasn't yet set a higher low. I believe the white line will soon curl and cross the red 26 day indicator; but likely not yet. So, what to do? Ladder in! This means incremental entries usig local support and resistance zones. The details of laddering are explained in this tutorial..
Legal Disclaimer: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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