BTC: very clear patterns in GBTC chart; hinting @the BIG PICTURE
GBTC in this weekly chart gives much clearer price action patterns than the BTC chart itself.
Long term bullish:
1) BTC now trying to cross the FIB Channel between 0.50 & 0.618. Crossing above will be bullish.
Rejection down from this zone will be bearish. (We see some rejection started in latest weekly candle)
2) BTC may be trying to complete a big M-Gartley pattern finishing at around 17.40 which coincides with
FIBO 78.6% retracement level. This may be the max pain support bottom before a WAVE V grand rally.
M-parttens are usually bullish upon completion.
3) This M-pattern falls within a big downchannel which looks like a big FLAG. BTC is still unable to cross
the blue dotted median of this channel.
4) BTC now making an ascending triangle. Breaking the topside will launch BTC pass this median of flag
channel…& later breakout of the flag channel itself. However, breaking below triangle will see a retest of
the lower side of channel at around 17.40 (a FIBO 78.6% level). This may well be the bottom.
(Some rejection from topside started in latest weekly candle)
5) I dont know if this may be classified as a flag because of the very big range of the channel compared to
the flagpole. But if this a flag, the measure height of this pole will see a target of 100 in this GBTC
chart.
(In actual BTC price, this may well be above 100k in late 2023)
Not trading advice
Long term bullish:
1) BTC now trying to cross the FIB Channel between 0.50 & 0.618. Crossing above will be bullish.
Rejection down from this zone will be bearish. (We see some rejection started in latest weekly candle)
2) BTC may be trying to complete a big M-Gartley pattern finishing at around 17.40 which coincides with
FIBO 78.6% retracement level. This may be the max pain support bottom before a WAVE V grand rally.
M-parttens are usually bullish upon completion.
3) This M-pattern falls within a big downchannel which looks like a big FLAG. BTC is still unable to cross
the blue dotted median of this channel.
4) BTC now making an ascending triangle. Breaking the topside will launch BTC pass this median of flag
channel…& later breakout of the flag channel itself. However, breaking below triangle will see a retest of
the lower side of channel at around 17.40 (a FIBO 78.6% level). This may well be the bottom.
(Some rejection from topside started in latest weekly candle)
5) I dont know if this may be classified as a flag because of the very big range of the channel compared to
the flagpole. But if this a flag, the measure height of this pole will see a target of 100 in this GBTC
chart.
(In actual BTC price, this may well be above 100k in late 2023)
Not trading advice
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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.
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.