BTC is hitting on Oct 2017 support. This service was holding well after all Feb 2018. GBTC is hitting on Sept 2017 support. That service hasn’t been tested after all Sept 2017.
What does this mean? Well at a glance it means:
- GBTC’s premium is lower than it was in October 2017.
- GBTC is hitting a range that should logically be a strong horizontal support (a place where the cost consolidated previously and thus where the cost would logically be more likely to resist dropping now; that range on the chart is roughly medially $6.88 and $8.20, as you can see by eyeing the chart).
- GBTC is typically a better purchase when its premium goes down, and sometimes GBTC losing its premium can even act as an indicator of a coming rally.
- There is a chance GBTC’s support will hold even if BTC stagnates or drops a bit… but if it doesn’t, then logically the cost tag on GBTC and BTC will devious or process convergence. In case GBTC loses its superior, it might even begin tracking BTC. Or it can, you understand, rally like mad just like we watched Sept 17, 2017.
In summary, even though we overlook ‘t offer investing advice on this site, and even if we did my before all else bit of advice would be “not just is crypto insecure, but GBTC is more insecure because of its superior,” there is a lot that I find interesting about the current state of GBTC.
The most interesting and notable thing here being that, from some measures, one could argue that the next support for GBTC isn’t by itself graph… it really is Bitcoin’s actual cost.
My logic supporting the above mentioned announcement is that: when GBTC had no superior it’d be trading at about $6.55 now October second, 2018 (1/100th of BTC’s present cost ). As an alternative, GBTC was trading in a lesser cost of $6.65 (roughly $1 higher; a “premium” leading to traders paying greater for GBTC than it may be worth in the open marketplace ). We can view on GBTC’s graph that its second strong horizontal service underneath that one is currently approximately $4.30… Put simply, even though you can find certainly a couple minor flat supports between, the upcoming substantialhorizontal service is below a reasonable value for GBTC, also ergo BTC’s very own value might wind up being the upcoming big service for GBTC (supposing BTC doesn’t drop, but instead mostly stagnates as GBTC loses value against it).
There is a lot of “ifs” there, but so be it. The point here isn’t calling the near future, it’s revealing an intriguing collection of events to see play out.
GBTC hasn’t been in a state like this after all 2017, so it is simply interesting.
What exactly this all means is in question, what exactly you should do with that information is far outside the scope of what our sites about, but man is it interesting. Very odd in terms of what GBTC had done after all the second half of 2017 when that premium started growing.
“BTC Hitting Oct 2017 Support, GBTC Hitting Sept Support” contains information about the following Cryptocurrencies:
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