GBTC Forming A Bullish Triangle

Close up of hands of man at working place woth laptop and monitor screen, holding phone and bitcoin

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Bitcoin Grayscale Investment Trust with ticker GBTC is showing sideways corrective price action in the hourly chart, ideally a bullish triangle pattern that can take the Bitcoin price higher once it’s fully completed, especially if we consider a strong daily trendline support.

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Triangles are overlapping five wave affairs A-B-C-D-E that subdivide 3-3-3-3-3 as an a-b-c. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. Triangles are very tricky and confusing. One must study the pattern very carefully prior to taking action. Prices tend to shoot out of the triangle formation in a swift thrust.

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For more analysis visit us at www.wavetraders.com and make sure to follow us on Twitter (https://twitter.com/GregaHorvatFX) 

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