Awaiting THE Drop in Cryptos
This afternoon (Pacific time as that is center of the universe), we started to drop. While I have been expecting a drop as you know, I don't have confidence yet that this is THE drop we've waited for. As I stated, I wanted to a see a 'little pop' and a big drop. Well, the pop was more little than I wanted, and this drop so far is not impulsive, although the red bars are starting to get long. We still don't have impulsive structure. I really need to see Bitcoin move down to the $6000 / $5900 before I call off further sideways. But a move down to $6200 gives pretty good confidence that the 'MOOB' (opposite of "BOOM") has started.
We don't have enough action to give material change to my outlook. Pressure is down below $6600 but that gives some room for sideways to up. If we move to $6000 from here, I don't believe we'll see $6300 again until after $4600-4800. And, $6750 and $7095 are still key levels for breakout and putting a bottom in. Note I marked the recent nano peak as wave ii but that can still be challenged until we follow through.
Ether looks a little weaker than Bitcoin today, and appears to be moving down in the third of the diagonal. But $190 will increase that probability. Until then I cannot suggest that we don't challenge the spike high in the $230's and even move on to $350-$380, upper resistance.