Are BTC And GBTC Already Searching For A Support?
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Nov 20 2018
Today we will talk about Bitcoin Investment Trust – GBTC chart. Bitcoin Investment Trust is an entity that was established to give investors a way to get exposure to the bitcoin market without actually buying their own Bitcoin, but of-course it follows it when it comes to the direction of a price. So sometimes, when we analyze it is good to look at different products and see if maybe on some of them there are any interesting patterns forming. What we are looking at below is a wedge pattern with price now trading at the lower trendline. So it can be an important do/die zone that we should be tracking closely if maybe we get some bounce from here. However, it will be very important for investors to see GBTC forming a low before they act or may want to call any bottom here. We are talking about confirmation, which would be only a rise above the upper resistance line. So now its definitely to soon for any bullish call, but if we are on the right track, then 2019 could be an interesting year for sure.
At the same time it's good to keep an eye on stock market. You might noticed tight correlation between BTCUSD and NASDQ100 maybe, so if you are waiting on bullish Crypto trend, we suggest you to track US stocks too and wait on price to stabilize first. For now that is not the case yet, but it can be interesting once US stocks moves below Oct 29 low, as that is when bears may start looking for a base.
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