BTC weekly updates 04/23

GBTC: No surprise as my projected path (up) was correct and now we can either see a topping and breakdown to complete blue Primary-C, or a retrace and then one more move higher to complete blue Primary-B. In the latter case; a retrace followed by move to new highs is the signal for the move to 20-22. In the former case, a drop below $10 will signal a move to $4, and will signal BTC and the crypto-currencies are dead in the water.

GBTC

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NYXBTC: Is of course following the same EWT count as the GBTC, but the chart below shows simple only long term support resistance and how these play an important role. Price is now moving close to resistance (what once was support). Thus, here short term upside is limited, unless it can move above the green uptrend line to reclaim the long term uptrend. If it can’t reclaim the long term uptrend, then the opposite follows: the long term trend remains down and BTC and all other crypto-currencies can then be considered as dead in the water.

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