BTC, GBTC, NYXBT updates 09/25

BTC: Should still be treated as in a bear market and bounces should be labeled as b-waves until proven otherwise. Bulls are still bale to defend support, but a 3rd/4th attempt will most likely give way due to buyers exhaustion. We need to see a breakout above the grey line before we can start to get more Bullish. Until then I continue to look lower.


GBTC: Still in its diagonal pattern, pointing lower. Break below $8 targets technically $4, but the lower trendline of the diagonal will likely provide support (~$6). So far there is still nothing Bullish about this chart.


NYXBT: Similar the the GBTC, this index is still in a diagonal pattern and price is below all the important SMAs, which are still sloping down. The Bulls do have the MACD on their side, which is sloping higher and holding (green) trendline support, meaning downside momentum is declining. A break above the upper trendline of the diagonal is step 1 for the Bulls, then a break over $7,500 is needed, but ultimately we would need to see price back above its 200d SMA to be more certain a new Bull is underway. Until then, I’d treat each move up as a bounce until proven otherwise.