Last week’s mighty blast pushed this projectile precisely to the 30.93 target shown. Since it took ten weeks to get there, we should expect buyers to take a breather for perhaps a week or two. Instead, they have so far ignored a price gap between $16 and $17 created earlier in the week that cries out to be filled. At the same time, they have also managed to shinny back up the first corrective price bar to finish on the high of the day. Clearly, buyers are feeling little remorse and remain eager to push GBTC still higher. We’ll need a couple more bars on the daily chart to gauge whether this is just a show of bravado or the start of yet another insane leg up. If the latter, 2018’s all-time high at 38.71 will make a better minimum price objective than any Hidden Pivot resistance I could conjure up. _______ UPDATE (Dec 22, 8:07 p.m.): The rally pattern shown in this chart looks well suited to trading, but it will need a pullback from above the red line (p=32.50) to set up an appealing ‘mechanical’ buy at x=29.82. There are no guarantees the ambitious 37.86 target will be reached, but it seems likely because of the way bulls flouted huge gaps in the A-B liftoff phase. Let’s see how they do on first contact with this midpoint Hidden Pivot.
GBTC – Bitcoin Grayscale Trust (Last:30.39)