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 zone. I say semi-significant because historical data is lacking prior to 2018 levels.
Since majority of retail traders will most likely enter long at the 600 (4 hour), I am holding a contrarian position and expecting a further sell-off to the 900 (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.