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Date Posted: 10:45:43 02/29/20 Sat
Author: philbond007
Subject: GBTC(bitcoin trust): two charts, 4hr & daily

On February 25 around 9:35am, I posted a GBTC weekly chart, & at the time of the post, GBTC was around $11.35, or pretty much where that green minor support line was. I'd noted that same Gartley pattern was not looking good, & if $11.35 didn't hold, next minor support would be $10.25, which has also been violated. Recall that I also mentioned $5 isn't outta the question.

Note the daily chart shows 2 gaps, one at $8.34 & one at $4.83. Also note the $8.75 support level is ABOVE wedge support & ABOVE the daily gap at $8.34. Point being, looking at the 4hr chart, I'm thinking the $8.34 gap is likely to be filled. It's not that gaps always get filled, but considering the recent market action, it appears likely.

Personally, I'd like to see bitcoin make a nice upside move to new highs, but I gotta say, for the time being, that FUGLY Gartley is something to be very cautious of.



4hr





DAILY



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