BTC, GBTC, NYXBT updates 08/20

BTC: Not much to add to last week’s update as price has held the oh so critical $6000 support level, but all it has done after is go more sideways than up, to burn off some oversold levels. I still continue to look lower with only bounces underway. A 2nd break over the black downtrend line will have me become more reserved about the bearish thesis, but we do want to see such a break with several strong daily candles, a retest and then another move higher that is bigger than the prior bounce (grey) arrow to tell us the pattern of smaller and smaller bounce has changed and the trend has thus changed.

BTC

GBTC: like with BTC, I’ve not much to add to this week’s chart as things continue to look weak and bleak.  Price is below all its SMAs and thus in a Bear Market. Lower price targets continue to remain in effect until proven otherwise, which for GBTC is at least a sustained move back above lower S/R at $12.20. The green “b?” bounce can still happen first, but is not necessary.

GBTC.png

NYXBT: All the recent bounce has done is reset oversold to neutral, which allows for more selling. Bear market until proven otherwise, which is a move back above the 50d SMA for starters. A move back above $8000 is really needed to erase the “smaller bounces” pattern. Break below $6000 targets $4000.

NYXBT