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November 27 Chart of the Day - Grayscale Bitcoin Trust

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One of the first securities solely invested in and deriving value from the price of Bitcoin (BTC), Grayscale Bitcoin Trust (GBTC) is solely and passively invested in BTC, enabling investors to gain exposure to BTC in the form of a security while avoiding the challenges of buying, storing, and safekeeping BTC, directly. GBTC shares are designed to track the BTC market price, less fees and expenses.

About a year ago we started scaling in to a GBTC position with an average cost around $10.  This past Friday we closed half the position at $31.20.  This was the beginning inspiration for posting Chart of the Day as “trading” works across all time frames.

In addition to the weekly trade chart posted we've added another weekly chart that includes levels of interest in both directions.

With the recent rise in the underlying BTC price, talks of adding new BTC ETFs, and investors such as Cathie Woods ARK Investments actively moving in and out of GBTC this past year perhaps even more focus will be placed on this crypto derivative.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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