BTC, GBTC, NYXBT updates 05/21

BTC: Not much to add to last week’s update as there’s simple not been much movement other than sideways/down. The same Elliot Wave counts prevail and based on trendlines we can anticipate that a break above the upper trendline connecting red and black-a, we should see a move to about $14000. A break lower targets $4000. I am still not convinced a new rally to ATHs is underway. Too early to tell, and the price action still leaves a lot to be desired.

BTC 1

GBTC: Using this index we can apply the most detailed EWT count and like last week, we can still have a c-wave up to $20s for a larger B-wave, while a drop below $12 will most likely target $6 or lower. Indeed the two S/R zones will be critical in containing price and as long as price is in between both there’s no real long term trend, just intermediate-chop. Thus price really needs to move over $20 to get anything going. Until then, and as said at the BTC update, I am still not convinced a new rally to ATHs is underway. Too early to tell, and the price action still leaves a lot to be desired.

GBTC

NYXBT: The NYXBT is not supporting a Bullish case at the moment either. All annotations in the chart are red, because all developments over the last week were Bearish. Most notably the break and move below the 200d SMA. We really need to see a strong reversal back up, and back above the green rising uptrend line to be more certain a new rally has started. Until then, and with today’s chart at hand we know price is below ALL simple moving averages: from 20d to 200d. Thus the short to long term trend is now down. Price is below support and failed to reclaim it. This adds weight to the evidence and why I am still not convinced a new rally to ATHs is underway. Too early to tell, and the price action still leaves a lot to be desired.

NYXBT