SUMMARY
GBTC is NOT the most perfect tracking stock for Bitcoin...but it has beaten Wall Street's overall performance last year and will do so again this year. It is an alternate way of investing in Bitcoin without an outright ownership. This ticker symbol can be bought through most brokerages.
The five wave impulse (blue) resulted in the requisite ABC (red) correction which was a zigzag with 5 subwaves for A, 3 for B and five for C. The frequent price gaps is likely a personality trait of GBTC in that most holders probably don't outright own Bitcoin and also are composed of wall street or retail investors. There also might be frequent market buy/sell orders that induce these price gaps. Regardless, it's a personality trait of GBTC. Following wave C; price has risen and seems to be putting in a small scale of a bull flag pattern.
Putting in the Elliott Waves from the C shows wave 5 up is perhaps not complete. This is a clearer indication here than in Bitcoin's chart. I've felt that at times, GBTC sentiment could forward look a little ahead of Bitcoin. IF this is correct, one more higher high could also be likely in Bitcoin.
The Inverted H&S bullish pattern is quite crips and clear thus far. The Right Shoulder (RS) needs to complete and the pattern will confirm once price breaches the horizontal blue Neck Line. Volume also, thus far confirms. The minimum travel to $31.30 is measured using the classical Neck Line to Head distance.
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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Isn't GBTC suppose to be 10% of the BTC price? What does that mean...30k BTC :)
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They don’t track in lock step but you got the idea.
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Thank you my freind for sharing this Valuable information
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Could you please do an update on Omisego?
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Hi @haejin,
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Hi @haejin,
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Hi @haejin,
It seems you got a $7.5943 upvote from @btu at the last minute before the payout. (15.58h) and this comment is to make everyone aware.
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Isn’t GBTC overvalued for the btc they hold?
If you want to invest in btc via the stock market I’d recommend overstock. It’s a solid company that holds btc, has done a token sale and has been into btc since way before any price jump. Their CEO definitely has vision.
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There is always a premium. However, it remains at a consistent level.
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Fair enough. I guess for people investing with a 401k or such it’s a good option. Have you looked at overstock by the way?
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Coins mentioned in post:
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I love you😘🌹
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Obviously very good thinking ,I appreciate this post.But now BTC is decreasing and I can't see what will going to happen in future.Thaks a lot
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Congratulations @haejin, this post is the most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 40 and the total pending payments to posts in these categories was $2863.46. To see the full list of highest paid posts across all accounts categories, click here.
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In my opinion it can!
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I have been watching your posts @haejin, waiting to see which spammers would start to dirten your blog, so that i can educate them, but none had so far tuned up in the previous posts, but now i see they are starting to turn up in this one....that minnowboosted nonsense!
let me wait along, if they turn up, i will be sure to post for them the 3 facts!
Otherwise Glad for your effort giving us all those clues. Honest to say, i am still learning my trade in the cryptoworld, and i am following and reading, and listening to your videos, and also for other reputable analysts to get aquainted.
Thanks again.
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