SUMMARY:
Here is a chart of GBTC, the Bitcoin Investment Trust which is exchange traded. It had turned down ahead of Bitcoin and am now keeping a close eye on it as a potential leading indicator for a bottom. GBTC could turn up ahead of Bitcoin and this could signal a prime time to start casting our buy ladders.
The five waves of GBTC also point to a ffith wave top and correction now ensues. The Stochastic Indicators also show an oversold condition and so a bounce is likely as high as the Neck Line.
The 60 minute chart displays a prominent Head & Shoulders Top where the Neck Line was broken such that prices gapped down.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
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.
One of your best videos so far... I already knew about the frontrunning nature of gbtc, because a loyal supporter and viewer of my blog has pointed me to this fact. I think the bottom in bitcoin (big wave 4) will either be 3000$ or 2500$.
Nice work! Whats the eta, lol?
haejin please please look at monero! Its breaking away! thank you.
Leading indicator? Nah, it's for people too stupid to open a Coinbase account and buy BTC. Keep in mind, GBTC is less than 10% of one BTC. Per the website it's 0.09242821 of 1 BTC. https://grayscale.co/bitcoin-investment-trust/ It would be interesting sub $360/share, but since you can't trade in outside of market hours 9:30am EST to 4:00pm EST (with thin volume at that) it should be trading at a discount to the 24 hour BTC market.
Yes, an buying at $300 and selling at around $1,000 still gives you big profits! The rest matters little in this light.