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GBTC - dropped into my Green Target Box
GBTC is The Bitcoin Investment Fund. One share of GBTC represents 1/10 of the price of bitcoin.
In my previous update posted on 4 June 2019 I wrote: “Today, four days after my bearish prediction, GBTC dropped to 9.12. It is entering the Green Target Box. This corrective wave 4 down may get deeper into the Green Target box down to 8.95 – 8.45. And then we should get a rally in wave A of 5 targeting $12.00 again.”
GBTC - 45 min chart updated on 4 June 2019
GBTC bottomed at $9.03 on June 6th, 2019 and rallied 15% to $10.64. I count that rally was wave a up. Off that top we have got a corrective looking decline in wave b down which is about to bottom here.
GBTC - 45 min chart updated on 11 June 2019
If wee-zoom in we will see a textbook looking corrective pullback in wave b down structured as a-b-c (red labels). After completion of that corrective wave b down we may get a rally in wave c of A up targeting $11.37 – $11.75.
GBTC - 45 min chart updated on 11 June 2019 (zoom-in)
