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Crypto Technicals: 7/29/2021: Crypto Remains a Known Unknown: Everyone has an opinion about Crypto. All we know that it has become a wonderful trading asset. The decline from February was dramatic and another Weekly entry has been brewing. Okay. Fine. Now, the trading low came in last week. The blast off tells us something but the predicted price timing is the same.
Technicals: I focus here on the near term pattern. The blast off infers that the overall bullish structure is intact. However, the interim pattern allows for more formation. Thus, many traders may view this move skeptically. In the Crypto report, I noted a nominal trend duration for this micro move. Look at the pattern below. It is due to end near today! Moreover very overt resistance had been met. It is possible that pullbacks could
even fill the gap action near 35,000. Alert. Next week looks corrective.
The 07/22 21 Crypto Update
Crypto is Now a Known Unknown 07/22/21: Everyone knows about Crypto. Everyone has an opinion. No one knows what it is really all about. We do know that it has become a trading asset. I surmised in the recent Monthly report that an obvious spike high occurred in February. The decline from there was dramatic. Another Weekly entry is brewing.
Weekly Profile: To reiterate the stated Profile: A Weekly low has been due this Fall. It may be 4-6 weeks away. When that interim low is confirmed, the profile suggests strength into December. The Daily profile predicted the recent trading low. Lets look at that Daily timing next.
GBTC: The Daily profile, as noted in the Monthly Report, suggested 7/16ish for a trading low. The robust technical reversal on overt bad news fits well with that. As you see below, it looks like a false breakdown. Still it could be short lived and stall at congestion. Another trading low is due near 9/1ish dovetailing well with the Weekly Low!
GBTC: Upon closer inspection you can see the breakdown triggered major angst before rallying above the prior three days range. There are 2 layers of
overhead Resistance. Note habit for 7ish day recoveries. That targets 7/29ish
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