GBTC (Bitcoin Investment Trust) printed a large bearish candlestick today following a powerful divergent high as shown on this daily chart. Down over 21% today, at least another 35% more downside to come IMO.
GBTC daily Sept 1st
It appears that the catalyst for today’s big drop were these bearish comments from Citron Research, regarding the trust being overvalued relative to the underlying cyber currency but regardless, a significant correction was already priced into the chart with those negative divergences building under the nearly parabolic & extremely overbought rally, with GBTC gaining over 300% in just 6 weeks off of the July 17th lows. GBTC is on watch for an official short trade next week, assuming it offers an objective entry.