BTC, GBTC, NYXBT updates 06/04

BTC: Not much has happened over the past week, other than a weak bounce. Price has not cleared any important down or uptrend lines to indicate the trend has changed from down to up longer or even intermediate-term. A break below the $7000 level targets $5000. Price will have to move over $8500 to show the crypto Bulls means business. Until then…

BTC

GBTC: Not a strong reaction off the vert important S/R level and off the green target zone box. That’s so far not a reversal, just a bounce. We may get positive divergence if we get lower prices and a whipsaw around this S/R but I wouldn’t count on it until it has actually happened as a break of this S/R can cause a rapid decline to $6. Yep, the crypto Bulls are still not out of the woods, but rather still behind the shed… and I continue to prefer to look lower before a more meaningful bounce happens.

GBTC

NYXBT: Same story as above as not much (positive) has happened over the past week. The longer it takes for the crypto-bulls to get a rally going the more the Bears will be in control as price will remain longer and longer below its 200d SMA, dragging it down and therewith lowering resistance… The annotations on the chart explain the details.

NYXBT