Long
The Crypto Shuffle... Watching GBTC
Traders have been all over the map with predictions related to the recent sell-off in Bitcoin & Crytpo markets.
It reminds me to recognize the significance of the market... and just how new and fragile it still is.
You simply should not be trading in cryptos if you are unable to withstand the risks involved in such a highly speculative & volatile market.
Remember, investing & trading are two very different things.
Analysis of Grayscale Bitcoin Trust (GBTC):
Currently it looks like price currently may be entering a semi-significant support & resistance zone. I say semi-significant because historical data is lacking prior to 2018 levels.
I expect retail traders will react to this point as the 600 EMA (4 Hour) is in view and normally sees a bounce upwards.
The RSI is reading below 30 and reflecting price may be oversold. Historically, a break below 20 seems to be the level to look for.
Since majority of retail traders will most likely enter long at the 600 EMA (4 hour), I am holding a contrarian position and expecting a further sell-off to the 900 EMA (200 on the weekly chart), unless significant confluences prove otherwise.
Looking at a possible entry long around $15 - 20.
Take profit at $50 (Roughly a 233% return). This is a buy & hold play as multiple price levels are reached on the way.
Stop just under $10.
Patience is KEY!
*Not investment advice. Know your own level of aversion to risk.
It reminds me to recognize the significance of the market... and just how new and fragile it still is.
You simply should not be trading in cryptos if you are unable to withstand the risks involved in such a highly speculative & volatile market.
Remember, investing & trading are two very different things.
Analysis of Grayscale Bitcoin Trust (GBTC):
Currently it looks like price currently may be entering a semi-significant support & resistance zone. I say semi-significant because historical data is lacking prior to 2018 levels.
I expect retail traders will react to this point as the 600 EMA (4 Hour) is in view and normally sees a bounce upwards.
The RSI is reading below 30 and reflecting price may be oversold. Historically, a break below 20 seems to be the level to look for.
Since majority of retail traders will most likely enter long at the 600 EMA (4 hour), I am holding a contrarian position and expecting a further sell-off to the 900 EMA (200 on the weekly chart), unless significant confluences prove otherwise.
Looking at a possible entry long around $15 - 20.
Take profit at $50 (Roughly a 233% return). This is a buy & hold play as multiple price levels are reached on the way.
Stop just under $10.
Patience is KEY!
*Not investment advice. Know your own level of aversion to risk.
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