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 last update posted on 29 May 2019 I wrote: ” you can see that GBTC is approaching the Red Target box. I have a strong confluence of extensions in the area from 12.05 to 12.70. This where wave 3 up may top. Off that top we may get a pullback to 9.74 – 9.08 in a corrective wave 4 down.” Then GBTC spiked into the Red Target box and dropped. It topped at 12.58.
In my previous update posted on 31 May 2019 I wrote: “I would be waiting for a corrective a-b-c down in wave 4 down that could push down prices to 9.74 – 9.08 to go long for another rally in wave 5 up.”
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.