Is Bitcoin’s ETF GBTC A Buy Opportunity At This Point?

Chart analyst • Nov 3, 2016 at 1:12 PM EDT

Bitcoin is in an uptrend in 2016, no doubt about that.

Bitcoin is in an uptrend in 2016, no doubt about that. Investors asking the question whether they should ‘enter the arena’ get an answer on their question in this article.

First, Bitcoin can be invested in by simply buying bitcoins in an exchange or buy investing in an ETF. The most known bitcoin ETF is GBTC, see below chart. Obviously, buying an ETF is the simplest way to get exposure to bitcoin.

As always, we try to get an understanding on the message of the chart by basic price analysis. Right now, bitcoin’s ETF is sitting right at a major trendline, which, in our view, is major news. Investors should be looking for the GBTC to break above 110 for a major buy signal. Until that point, there is a probability that this ETF is unsuccessfully attempting to get into a technical uptrend.

Our recommendation is to enter the bitcoin ETF GBTC once 110 is broken in the coming days or week.

bitcoin_price_buy_november_2016

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