Nightly Crypto Report: One More Low?
By
Ryan Wilday
Key Levels:
Bitcoin Supports: Bear Market Pivots: $20,360, $9800
Ethereum Supports: Bear market pivot: $842
GBTC Supports: Bear market pivots: $21.95, $11.00
Short Term Traders
General
Our potential bottom remains rather fragile, and I must continue to leave open the possibility of one more low. This is particularly true in Bitcoin.
Bitcoin
During stock market hours, If found action quite constructive. At open, I believed we were due for a pullback, which we got. However, it was deeper than I like. Further, it may be interpreted at five down. So this is a key point here tonight. Note that I've switch the red count white and added the orange which is a WXY. I find this orange count unlikely if we break over $35,000, but below $31,550 it is probable.
I continue to hold my core based on the Core Algo. Flat in swing/scalping. I also have a small short to hedge a little.
Ethereum
Ether appears to have topped in three waves today, in a structure I consider an unfinished diagonal. So far it has held and bounced. Ideally we rally to wave $1500 in v of (i). If we break the low at $1290, we are more likely to challenge the $910 low again.
I have a small long in Ether.
ETHBTC
No change today:
I want to see wave 2 in white start very soon. If it does not by .0456 I will favor red count. Structure will then be far more supportive of that count.
GBTC
GBTC remained constructive today. I can consider the structure a leading diagonal and now a corrective pullback. But much depends on Bitcoin at this point. Note that due to how high we rose today, if we break the low at $30.75, we are likely to sink down to $26.
I Increased EW allocation slightly but I still consider it thin. Both algos are flat.
