Feb 4: On the Bitcoin monthly chart, a fibonacci extensions target has been triggered. Price is projected to go to 11,510, then if that is exceeded, to 16,571. This pattern is nullified if price goes below 6450.
GBTC is an ETF that can be traded like a stock for those who don’t want to trade actual bitcoin. GBTC uses derivatives to track the price of bitcoin. It doesn’t exactly track bitcoin, but is close enough for traders to use it as a proxy.
The GBTC chart shows the entry, exit, and stop levels that correspond with the price levels indicated in the bitcoin chart above.
March12 update: Bitcoin dropped as low as 5790 this morning, which nullifies the above patterns. Gold and silver are being hit as well. We will have to wait to see what is just nervous reactions, and what is a trend.
March 14: The price of bitcoin went as low as 3949 this week, which nullifies the patterns above. The market panic this week included bitcoin. Price has stayed above the January lows, so that is a positive development so far.