GBTC POSITION TRADE
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GBTC POSITION TRADE
Narrative, Use Cases, and Addressable Market can be found on the following link (pages 74-80):
slideshare.net/jasonmariposa/ark-invest-big-ideas-2020?fbclid=IwAR2bDvx64m-T5G2PYj4w_yaQbQKiaWTzRE7v4DS3O2t6DISwKMwntjwBmZM
Position Trade:
Grayscale Bitcoin Trust (GBTC) enables investors to gain exposure to the price movement of Bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping Bitcoin.
grayscale.co/bitcoin-trust/
From a technical analysis perspective, a consolidation from the break of its major trend line indicates a beginning of an uptrend. Bitcoin is currently finding support above its 10-day moving average price. With all moving averages pointing up, it also indicates that a longer-term uptrend may well be in place.
Fibonacci Price Extension indicates a potential price target close to its previous years high, suggesting a 24%-29% profit potential from its current price on the short to medium term. But considering that this may just be the beginning of a long term uptrend, multiple profits on future set-ups can be made if/when it continues to find support above its 50-day moving average. Triggers for entering a trade include acceleration of On-Balance Volume which signals an increase in buying pressure pushing the price higher, and ADX accelerating to 30 which indicates a build-up on the momentum of price action.
Narrative, Use Cases, and Addressable Market can be found on the following link (pages 74-80):
slideshare.net/jasonmariposa/ark-invest-big-ideas-2020?fbclid=IwAR2bDvx64m-T5G2PYj4w_yaQbQKiaWTzRE7v4DS3O2t6DISwKMwntjwBmZM
Position Trade:
Grayscale Bitcoin Trust (GBTC) enables investors to gain exposure to the price movement of Bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping Bitcoin.
grayscale.co/bitcoin-trust/
From a technical analysis perspective, a consolidation from the break of its major trend line indicates a beginning of an uptrend. Bitcoin is currently finding support above its 10-day moving average price. With all moving averages pointing up, it also indicates that a longer-term uptrend may well be in place.
Fibonacci Price Extension indicates a potential price target close to its previous years high, suggesting a 24%-29% profit potential from its current price on the short to medium term. But considering that this may just be the beginning of a long term uptrend, multiple profits on future set-ups can be made if/when it continues to find support above its 50-day moving average. Triggers for entering a trade include acceleration of On-Balance Volume which signals an increase in buying pressure pushing the price higher, and ADX accelerating to 30 which indicates a build-up on the momentum of price action.
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