I posted the wyckoff distributive pattern for BTC, which unfortunately played out along with the wave count I have been following. Between the distribution, count, and multiple negative divergences, BTC just could not hold up. Regardless of the fundamental event(s) that occurred, BTC was really just waiting for an event to sell off in retrospect. Now everyone is running for the hills, which leads me to speculating about buying.
Currently we sit at 38% retracement, the 200 dma, and have a nearly perfect ABC correction where A and C are equal. Does that mean it's a 'buy' here? No one can say that or predict what will happen. A betting person, preferably one is already in the green on what they hold, might go long in tranches. E.G. buy a 3rd here at this support area, but another 3rd at 50% if it keeps declining, and another at 61.8. Now, that is a tough thing for most people to do who are not profitable already. It's a judgement call. I like the fact that GBTC is trading at a discount now as the full fear is baked into the price.
I'm not an advisor and I'm not making any recommendations here. This is for informational purposes only.
Currently we sit at 38% retracement, the 200 dma, and have a nearly perfect ABC correction where A and C are equal. Does that mean it's a 'buy' here? No one can say that or predict what will happen. A betting person, preferably one is already in the green on what they hold, might go long in tranches. E.G. buy a 3rd here at this support area, but another 3rd at 50% if it keeps declining, and another at 61.8. Now, that is a tough thing for most people to do who are not profitable already. It's a judgement call. I like the fact that GBTC is trading at a discount now as the full fear is baked into the price.
I'm not an advisor and I'm not making any recommendations here. This is for informational purposes only.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.