Nightly Crypto Report: Good Time to Retrace

Good Time To Retrace

Long Term:

Intermediate views are included.

Housekeeping:

I am on vacation from July 20-23 so there will be no webinar on the 20th. However, I will initiate a special webinar, or offline video if action demands it.

Micro:

General

I am watching for a wave four pullback in both Bitcoin and Ether. If they hold, that would give us further support for the bottom being in.  

Bitcoin

Bitcoin topped in an ABC structure intraday and should drop in circle-A as long as the high holds. The lower channel where red-iv should hold is now at $60,800. Invalidation does not occur until it breaks $54,300. However, I will not trust the bullish red count if it goes that low. 

Ethereum

Ether is ideally at least forming its red wave-iv. Its intraday rally topped in three waves. As long as the intraday high holds, it should fill in circle-C of a. Currently, the lower channel resides at $3275, so ideally wave-iv holds there. Wave iv is not invalid until $2820 breaks but it would be unreliable low long before it gets there. 

ETHBTC

ETHBTC is dipping toward micro support at 0.047. The question is whether it reverses, giving Ether its last leg of positive performance versus Bitcoin during this bullish cycle.

Spot Conversion

As an experiment, I have changed this section to the conversion numbers for the Bitcoin ETFs so you can use my Bitcoin chart to manage your positions. Note these numbers are to the third decimal place. Two shares with the same conversion may vary slightly in price due to a difference in the 5th and great decimal place.

BITO: 0.0004 (rechecked and affirmed on July 3, 2024)

ARKB: 0.001

GBTC: 0.0009

DEFI: 0.0012

EZBC: 0.0006

HODL: 0.0011

IBIT: 0.0006

BRRR: 0.0003

BTCO: 0.001

BTCW: 0.0011

FBTC: 0.0009

BITB: 0.0005