Grayscale Bitcoin Trust (GBTC): Cautious note

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yanquitrader

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Monday, 12/18/2017 9:43:51 AM

Monday, December 18, 2017 9:43:51 AM

Cautious note - BTC is going down while GBTC is going up. Here's what Coindesk says this morning:

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The sharp recovery from the intra-day low of $18,200 to $19,350 is encouraging, but a pullback to $16,498 (23.6 percent Fibonacci retracement of Nov/Dec rally) cannot be ruled out, given the weak volumes and the potential for "sell the news" trading.

Also, a close today below $18,200 would confirm bearish price RSI divergence and could yield a deeper pullback to sub-$15,000 levels. History shows, BTC has witnessed a significant drop following the confirmation of the bearish RSI divergence on the daily chart.

On the higher side, $20,000 is a major resistance. A high volume breakout may open doors for $24,000 as expected by a significant minority in the markets."

Holding is a good long-term strategy here no matter the pullbacks. Just sharing in case it helps anyone.

https://www.coindesk.com/bull-market-breather-bitcoin-retreats-run-20k/