SUMMARY
GBTC is NOT the most perfect tracking stock for Bitcoin...but it has beaten Wall Street's overall performance last year and will do so again this year. It is an alternate way of investing in Bitcoin without an outright ownership. This ticker symbol can be bought through most brokerages.
The five wave impulse (blue) resulted in the requisite ABC (red) correction which was a zigzag with 5 subwaves for A, 3 for B and five for C. The frequent price gaps is likely a personality trait of GBTC in that most holders probably don't outright own Bitcoin and also are composed of wall street or retail investors. There also might be frequent market buy/sell orders that induce these price gaps. Regardless, it's a personality trait of GBTC. Following wave C; price has risen and seems to be putting in a small scale of a bull flag pattern.
Putting in the Elliott Waves from the C shows wave 5 up is perhaps not complete. This is a clearer indication here than in Bitcoin's chart. I've felt that at times, GBTC sentiment could forward look a little ahead of Bitcoin. IF this is correct, one more higher high could also be likely in Bitcoin.
The Inverted H&S bullish pattern is quite crips and clear thus far. The Right Shoulder (RS) needs to complete and the pattern will confirm once price breaches the horizontal blue Neck Line. Volume also, thus far confirms. The minimum travel to $31.30 is measured using the classical Neck Line to Head distance.
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Elliott Wave Counting Tutorial #1
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