BTC, GBTC, NYXBT updates 09/10

BTC: Bounces keep getting smaller. Price yet unable to break above upper descending trendline, while it is back below the lower: bearish. The a,b,a,b count continues to track the price action the best. See also the GBTC index. Symmetry price target remains in play until proven otherwise.

BTC.png

GBTC: New low, thus the green (minor) a, b count I’ve had for a few weeks was and still is the  correct assessment of the price action. I am looking for a price low in the $3 zone as that’s where three different wave-degree Fib-extensions end up. So far so good.

GBTC

NYXBT: Price got rejected at the lower resistance level and is back below all its simple moving averages. The Technical indicators stayed only overbought for a day or so, which tells is those are b-wave rallies as in a bull the TIs stay overbought for days on end. A break lower below $6000 is still expected and should target $3500. So far there’s no genuine buying with these lower highs.

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