Seminal crypto-fund Grayscale Bitcoin Trust (GBTC), an Exchange Traded Product that invests exclusively in Bitcoin, is up a pants-threatening $1.5 billion this year — 90% growth in just six months.
According to the docs shared by the Securities and Exchange Commission, GBTC held around $1.9 billion worth of Bitcoin at the end of 2019. As of June 30, 2020, its portfolio had ballooned to $3.5 billion.
But Bitcoin‘s price has risen by 25% since then, inflating the value of GBTC’s crypto even further. Using today’s prices, GBTC sits on almost $4.5 billion worth of Bitcoin (as long as it didn’t offload some of its stash in the past six weeks, that is).
GBTC offers itself to investors who might be interested in owning Bitcoin without actually, like, holding it. As Bitcoin is GBTC’s only asset, institutional investors might prefer buying GBTC stock instead of figuring out how to store it securely themselves.
This allows less tech-savvy investors to abstractly profit from potential Bitcoin price increases via GBTC; it’s a cryptocurrency investment vehicle.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 10,357.78.
The projected upper bound is: 13,122.81.
The projected lower bound is: 11,538.82.
The projected closing price is: 12,330.82.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 82.2627. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 16 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 66.81. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 11 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 196.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 9 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -52.370 at 12,269.000. Volume was 50% below average (consolidating) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume 12,324.500 12,426.440 12,225.000 12,269.000 294,759
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 11,789.26 10,331.06 8,944.54 Volatility: 49 46 84 Volume: 1,007,891 712,286 512,493
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX BTC= is currently 37.2% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.
Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 35 periods.