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GBTC Can Be Forming A Bullish Triangle - Elliott Wave

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May 26 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.

GBTC came to the upper triangle line in a recent rise, in three waves (A-B-C), therefore recovery can be corrective, ideally a bigger wave (d) structure, especially if we consider a triangle in sub-wave B in the middle. Now we are observing another three-wave (A-B-C) decline, probably down to 8.0 - 6.0 support zone for final wave (e) where a big bullish triangle may come to an end. That being said, watch out for limited gains here at intraday highs, because a bigger decline into a deeper correction can be around the corner, and the same can be with BTCUSD and ALTcoins. Later we can expect the real bull run, when everyone will be very bearish again.

Be humble and trade smart.

GBTC, 1h

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