The H&S Reversal Formation began on Dec 11/23 and the Decline on Jan 9/24 . Like children clamouring for sweeties - ETFs were handed out and flopped. It remains to be seen if the Decline is a Correction or will turn into a COLLAPSE
Looks like the jpg is a monthly chart? Upload and embed it next time. If so the month still has a week to go. Just sayin'.
Topped, Reversed, Correcting, or . . . Collapsing ----> It is going down For goodness sake, use simple English! How low will it go? Only a quality crystal ball will give you the answer.
It is supposedly the GBTC investors finally able to sell their locked in BTCs. Opinion from the web: "Grayscale was a private fund, that traded on a discount to the spot price of BTC. That means you couldn't sell your shares of Grayscale, and get the worth of BTC out. (Yes this is a function of the fact that there is no fiat liquidity in the crypto markets) Later Grayscale even stopped redemption of the funds shares at some point. Completely forgot that part. That wasn't always the case. Back in 2017 Grayscale traded at a premium to BTC. That's why a LOT of people and institution bought into the fund. The conversion to an ETF has been a carrot Grayscale dangled in front of their investors for years, to convince them to hold, while paying around 2% fees a year. Now the ETF is there and the investors can close their position with a very small discount. Some do it to take profits, some do it to roll into cheaper ETFs. But all will have to pay capital gains tax, further limiting the liquidity in crypto markets."
Pack your bags everyone! Bitcoin is dipping on the ETF news! This means we are headed to zero! It's been fun! Get out now while you still can!!!!
Yes I know. We are having a healthy correction, the seized Bitcoin from silk road has been auctioned off to some of these ETF companies and they are selling right now. Micheal Sailor is also selling a bunch right now. We also need this dip before the halving. But they can't sell forever
This is kind of what happened when BlackRock created the first Gold ETF. Ohh how those bears are singing a different tune today! 2K per troy ounce!