Bitcoin Investment Trust (GBTC): A Minor Wave 4 Correction in Progress

3년 전

SUMMARY

Bitcoin Investment Trust (GBTC) is still in the upward progression in an impulse move. The blue waves show that 1,2 and 3 are complete with 4 about half done. Recall that per Elliott Wave rules, wave 4 of an impulse motive can't overlap with the peak of wave 1. This means that wave 4 won't likely be a deep retrace but about 0.38 Fib level of the blue wave 3. Then wave 5 should complete.

Putting together the subwaves, the blue waves become subwaves to purple wave 1 which will be followed by purple 2 that will likely be 0.618 or 0.78 Fib level retracement. Then purple wave 3 will create some fireworks! The purple five waves are themselves subwaves to the white wave 3 and by then, there is a real potential for GBTC to hit all time new highs; while Bitcoin doesn't. How is this possible? GBTC trades to a premium to the BTC spot price. When sentiment becomes frothy; that premium will extend by that much.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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I saw a comment on yours on one of bernies posts about the price of steem....you really think it will temporarily spike to $29?? that is nuts! I hope so man because I really need steem to explode to secure my financial future...Hopefully sbd follows along with the spike

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SBD has a chance to grow at a higher percentage. So, maybe it is the better investment right now.

Can you do Aurora Cannabis? Or some of the weed indexes.

I hope you are right on this! I bought this too high! Waiting patiently!

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bad news

Brother, your post is very good, so I gave upvote to you. Hope you always get such a good post from you.
thank you

You call it like a boss, nice!!