EW Analysis: GBTC Can Be Forming A Bullish Triangle

26 พ.ค. 2020

Hello 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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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.