Bitcoin came down hard after topping last week, but not before impaling a crucial long-term Hidden Pivot with enough brio to demonstrate that bulls are still in charge. If more proof of this were needed, a well-known figure in the bitcoin world ‘leaked’ word that bitcoin ‘might’ come under hard scrutiny before Trump leaves office. Pretty feeble, but the story served its purpose, causing many weak sisters to dive out of their shares. It’s too early to tell how far the correction will go, but the bounce from Friday’s 17.60 looks likely to push well into a gap from Friday morning that started at 20.87. _______ UPDATE (Nov 30, 9:18 p.m.): The powerful gap up through p=21.73 all but guarantees that the D target at 25.85 will be reached. A pullback first to x=19.66, however unlikely, would trigger an opportune ‘mechanical’ buy, stop 17.59. Here’s the chart. _______ UPDATE (Dec 1, 8:52 p.m.): You can hazard a ‘mechanical’ bid at 21.73, the red line, stop 20.35, since GBTC seems unlikely to revisit the green line. This new gambit is riskier but still looks like it will yield better-than-even odds.
GBTC – Bitcoin Grayscale Trust (Last:23.74)