BTC, GBTC, NYXBT updates 07/30

BTC: First things first: price broke above the black down trend line, which is a Bullish sign. But trend lines are always somewhat subjective and so far -which are facts- we have three bounces underway, each finding support at around the same level ($6000), but each subsequent bounce is so far shorter than the prior. I am therefore still looking lower until proven otherwise. This “otherwise” is a move over $9500 from current levels, as that would make the advance off the late-June lows larger than the prior April rally. A move back below the black down trend line is bearish (false breakout)

BTC

GBTC: Price reached exactly the preferred red b-wave target. A drop below the 20d and 50d SMA can be considered bearish. I am still looking lower until proven otherwise. Here “otherwise” is a move and close back above the 200d SMA.

GBTC

 

NYXBT: Moved certainly in the right direction as forecasted (higher 🙂 )but a bit higher expected. Not a bad thing IMHO 😉 Now price is rather overbought and when we compare the Technical Indicators with Late-April we see that we could expect a bit more upside before price rolls over as it did back then. A retest of the rising 200d SMA would not be unexpected albeit not necessary. A move and close above the 200d SMA is Bullish.

NYXBT