/GXBT (Bitcoin Futures) are approaching the 9082 resistance level with negative divergences in place on this 60-min time frame which increases the odds of a pullback soon while GBTC (Bitcoin Investment Trust), both unofficial trade ideas, has gapped about my 15.00 price target, trading as high as 15.50 shortly after the open today & at 15.43 at this time.
GXBT 60-min April 23rd
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My expectation is for a relatively minor pullback to about the 8600 to 8450 level on /GXBT which may provide another objective long entry or re-entry, assuming that we do pullback to that area soon. However, I have no desire to short /GXBT here (although I did book profits at 8980 with my limit order filled in the overnight trading session) as my convictions on the pullback are not very high. I also remain intermediate-term bullish & think that GXBT & GBTC are likely headed higher in the coming weeks to months, despite the increased chance for a near-term pullback.
GBTC daily April 23rd