Hints From Grayscale? Pt. 1Sometimes you have to dig for the answers. Today we look at GBTC vs. BTC and see what we can find out. As always, we start with price. We have lower highs on both right now, so technically they are both in a downtrend. Both are very close to changing trend, though. So for now, as you know, we stick to the trend. But what is happening on the technicals?
Well this is interesting! We see a bullish RSI divergence taking place on GBTC, but not on BTC. What could this possibly mean? Well according to my trading rules, this is when you take some risk off of your short. So even though it did not happen on BTC directly, I would still take down a third of my short. Now what about BTC itself? Well the RSI has made a higher high while the price has not. This is a hidden bearish divergence, and hints at a continuation of a downtrend. So typically my trading rules say that I should add a third onto my short position. Conflicting ideas? This happens sometimes in trading. So what to do now? Well… nothing is also a strategy, which is what I will choose. What about ETH?
Hints From Grayscale? Pt. 2
Happy Trading!
Brandon Anderson
www.derzzycharts.com
