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Where Is Bitcoin Headed and Is It A Tell For the Market?

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There has been a strong correlation between Bitcoin and the broad market.

IWM topped on March 15.

GBTC, a good representation of Bitcoin, peaked on February 19.

Following a trend break in the spring, GBTC traced out 3 drives to a test before snapping its 50 day line with authority.

GBTC recaptured its 50 day ma on a gap in late July, continuing to push higher — once again tracing out a 1 2 3 Swing pattern to a test of the prior trend break.

Yesterday, GBTC/Bitcoin got whacked.

It may backtest the 40 region, but faltering with downside follow through back below its 50 day line, and especially offsetting the open gap triggering a Jump the Creek sell signal, opens the door to 24 to as low as 18.

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