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Does the BLOK ETF Lead Bitcoin Lower

Dean Christians
2021-07-15

The BLOK ETF, a proxy for Bitcoin and the digital ecosystem, will most likely register a new 42-day low on the close of trading today. As I write this note, Bitcoin is still trading above its 42-day low from 6/26/21. Does the BLOK ETF lead Bitcoin?

Let's conducts a quick study to assess the outlook for Bitcoin when the BLOK ETF closes at a 42-day and Bitcoin is still above its 42-day.

CURRENT CHART

HOW THE SIGNALS PERFORMED

It would appear that the BLOK ETF does a solid job of foreshadowing a future breakdown in the price of Bitcoin as the results are weak across all timeframes.

The BLOK ETF started trading in 2018. Therefore the sample size will be small. And, please keep in mind that Bitcoin could close at a 42-day low today, which would nullify the signal.


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