BTC weekly update 04/02

As I mentioned in last week’s update (see here): below the green uptrend line means: GTFO (pardon my french)… Well, it already got there and is testing the 200d SMA. This chart does not look healthy imho. Looks like a bounce is in the making, but not until it can break above the red down trend lines and start to follow the green up arrow do I see any reason to long BTC…

NYXBT

In more detail: red wave-v extended beyond the typical v=i relationship and price has now traded below its 200d SMA for three consecutive days. Not a healthy sign. I do expect a bounce back to around $14.95 (now resistance as well), which equals a ~50% retrace, before the next plunge takes price to at least $4.50ish for a nice c=a relationship. But until then, first things first: there’s positive divergence starting to build on the MACD and the A.I. could give a nice buy signal IF price is able to move back above the 200d SMA.

GBTC