BTC, GBTC, NYXBT updates 05/28

Sorry Bitcoin Bulls, but I still see nothing Bullish in the charts: price is breaking down and continues lower. Not higher. It’s still right at the maximum retrace levels I’d be comfortable with for the (red) “alt: a, b” count, but boy are the Bulls hanging in their by the thread of their pants.  We really must see at a minimum a break back above the upper black trend line (now at ~9100) to even consider alt:c is underway.


The Bearishness is further supported by the GBTC chart where we can see how price found support right where it had to: $12 level. It’s right in the ideal (green) retrace zone box, but below all SMAs: from 20d to 200d. Also here we need AT LEAST a close back above the 200d SMA to know the larger trend is likely back up. For now there’s ZERO indication it is up and thus I continue to favor GBTC’s path down to $6-$4 until proven otherwise.


Adding insult to injury is the NYXBT chart, which is also Bearish until proven otherwise. Please see the annotations in the chart on why. Price MUST also here reclaim the 200d SMAs and preferably also the 20d SMA to even start suggesting the trend is changing from down to up. Right now a reversal has still not even happened and not until then will I remain bearish on BTC.