Back in Q4 2017 I was making posts about the bubble known as Bitcoin, using this scam artist as an example.
The bubble soon topped and blew out. Now, where are we at 1-1/4 years later? Using the Bitcoin Trust (GBTC) as an example, we are above the 50 day moving average for the last month and making an attempt at key short-term resistance. Not bad work thus far, including positive MACD & RSI.
Note a gap in the 4.60s that could fill before another attempt at the resistance line. But also note a gap just below 6.25, which would be the pattern’s measured target if it completes.
Let’s dial it out to a longer view (click the chart for the full clear view) to see a former bubble that has been in a forever correction. GBTC has taken the SMA 50 for the first time since a quick and ill-fated attempt last summer.
This is not so much a trade idea as an investment idea for those who still believe in this thing. GBTC is the easy way for we non-experts (or diehards) to participate. For me, it could be a nice little oddball portfolio member. I’ll either hold my initial modest position or get rid of it if it fails the SMA 50. I have not decided on that yet.
But at the very least the chart has the potential to put in an active bottoming pattern if it can clear 5 and hold it.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
