[isatrader]

Bitcoin (GBTC) is something that has caught my eye over the last few weeks as it attempts to invalidate it's Stage 4 breakdown and move back into Stage 1. If you zoom down to the 2 hour chart you'll see an ideal Stage 2A breakout with stronger relative volume on the breakout and on the up bars following the breakout, and strong relative strength versus the S&P 500 with new highs on the intraday 2 hour chart. 

   

If you zoom out to the daily chart you can see the intraday breakout has moved back up to the 150 day moving average and still declining 200 day moving average and resistance from the end of last year. So that could possibly cause it to consolidate in the range for a while as people try to get back to even on losing trades.

   

Then if you zoom out to the weekly chart you'll see it's attempting to close the week above the flattening 30 week moving average and potentially move back into Stage 1. It's still got a long way to go to get back to a Stage 2 breakout level (more than 40%), but it could present opportunities for short term traders earlier if it holds in Stage 1 and forms constructive base patterns. Plus it's also another alternative asset class to stocks, and so is less correlated to stock index moves much like spot gold and us treasuries, but does still have a 200 day correlation of 75%.