GBTC looks to be forming a bullish triangle

Gregor Horvat Wavetraders

Bitcoin Grayscale Investment Trust with ticker GBTC is showing sideways corrective price action in the hourly chart, ideally a bullish triangle pattern that can take the Bitcoin price higher once it’s fully completed, especially if we consider a strong daily trendline support.

Triangles are overlapping five wave affairs A-B-C-D-E that subdivide 3-3-3-3-3 as an a-b-c. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. Triangles are very tricky and confusing. One must study the pattern very carefully prior to taking action. Prices tend to shoot out of the triangle formation in a swift thrust.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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