The VoSI VooDoo Report
Offbeat Ideas and Commentary from the Depths of Gil's Trading Notes
Note the tight action in the Grayscale Bitcoin Trust (GBTC) as it tracks tight sidewaqys over the past several days. This tight action also correlates to tight action in gold and silver after breakouts to higher highs this past week. We may expect GBTC to move higher soon, along with gold and silver. Recall that I discussed buying silver via the iShares Silver Trust (SLV) a month ago when it was trading around $14. We are now seeing silver correlating strongly with gold and Bitcoin, as the three alternative currencies perk up as global central banks fall all over each other in the race to zero as they continue to lower interest rates.
GBTC may be buyable here using the 20-dema as a tight selling guide for any part of your position purchased up here. Recall that I recommended purchase of the GBTC way back in March when it was trading at $4.60.
VoSI VooDoo(TM) Report - Tight Action in the GBTC
|Published:||9 Aug 2019 18:33 ET|
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