The NYSE Bitcoin index breakdown is progressing as expected and has moved below the support line and below its 200d SMA. Not a healthy sign! Symmetry target of $2500 remains in sight. Note that a move lower will not be straight down and a move back above the green down trendline can still be bullish as than the TIs are nicely possitively diverging setting up for a stronger rally. This rally can be explained with the EWT count shown on the $GBTC chart (2nd chart below)
The aformentioned rally would most likely be a b-wave rally. If it moves back over $20 on the GBTC than we’re dealing with something else: a larger Primary-B that can move back to $26.
Below are a few very simple charts for several of the major crypto-currencies and how they are faring.
Bitcoin is in a bearish pattern of “lower highs”, which is standard for bear markets. Price is below the declining trendline: resistance and as long as it holds it will keep the pressure down and may be able to push Bitcoin below its support level.
Likewise, Litecoin is also making “lower highs”, below a down sloping longer-term trend line and a break of support at around 110-110 will lead to a move back to 25…
Same story for Ethereum as it also continues to make lower highs and lower lows as well: a bearish pattern. Period! It is firmly stuck in a downtrend, and also close to break long term support. Price really needs to move above the downtrend line (as for all other currencies) to become bullish. Until then…
Ripple has already broken below prior support. Its next support is at around 20 cents… Yet again a crypo currency that is stuck in a bearish pattern of “lower highs and lower lows”. This could very well go to 0.