Nightly Crypto Report: Finally Some Structure

By Ryan Wilday

Nov 12, 2024 - 2:32 PM EST

General

Finally, Bitcoin corrects enough to help give the chart some microstructure to ground micro expectations.

Bitcoin

Bitcoin is moving through its wave-iv of wave-((iii)). It should hold $82,300 and wave-((iii)) should top near $93,200.

Ethereum

Ether presumably is correcting in wave-(4) of either red-iii or black circle-b. Support is $2815, and the next target above is $3665.

ETHBTC

I still have the signal line on my chart, however, the local move off the low has now morphed into a three-wave move. Therefore, I count the probability of a lasting low in this pair as improbable.

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.

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