BTC, GBTC, NYXBT updates 08/28

BTC: A feather in the hat for the Bulls as they’ve been able to push price back over and above the black downtrend line; holding the critical $6000 level as support. Now they need to push price over the grey downtrend line to suggest the pattern of lower highs is broken. Until then the bears are still in charge.

BTC

GBTC: The reason I am not yet jumping of joy, is because the GBTC chart shows us that price so far is behaving exactly as planned two weeks ago with a bounce back to the green “b?” wave label. Price will have to move over $12.25 in this fund to tell me things are changing more in favor of the Bulls. Note, the technicals are starting to get overbought already, while the money flow is not confirming the price move at all.

GBTC

Also the NYXBT shows its technicals are getting overbought quickly, which over the past six months has meant the bounce is nearing its end. The Bulls did get price to move back above its 20d and 50d SMA, which is of course in their favor as these can now act as support. However, a move over $8500 is still needed to confirm we should see at least 10000+.

NYXBT