BTC updates 04/30

GBTC: Not much to add as my forecast so far is tracking the unfolding price action well. Now price can decide to move higher to complete the orange-c wave, or drop lower to complete the black c-wave.  A break above last week’s high suggests the former, but watch out for the possible negative divergences building, which could lead to a retrace first before the next leg higher. For now, price has reached the typical 62% retrace for a typical b-wave. Not the greatest spot here for a long IMHO.



NYXBT: Did break above prior support. But, based on the EWT count shown in GBTC above I find this a low probability setup. However, I have to acknowledge it is what it is and thus a breakout is a breakout until it is not. Maybe we could label it as a “break back in” instead!? 🙂  And if support now holds price can move higher to 11,500. Thus if you want to long this, if not already long, then one could place a stop below the trendline.