Can We Bottom?

I'm going to keep this very simple tonight. Our ending diagonals are very extended, beyond normal fib levels, particularly Ether. If we count anemic wave 4's as shown, this overthrown wave 5 in both may be a bottom but I would want to see an impulse through our B waves in thirds to prove it. This is $4033 and $112 for Bitcoin and Ether respectively. Until then, it is best to assume we'll see 4 and 5 down the road. I see the micro differences typical i a local bottom forming on the charts, but we meed to see rally kickin to prove it. 

Bottom line: A bottom is not in, but it might be close. 

As I noted in last night's report:

Bitcoin

The ending diagonal is valid as long as $4260 is not breached, but I prefer to not see $4030 broken from here to completion. We appear to be aiming at $3285 for a bottom unless we see overthrow in the 5th. 

Ethereum

The ending diagonal is valid as long as $120 is not breached, but I prefer to not see $112 broken from here to completion. We appear to be aiming at $91 for a bottom unless we see overthrow in the 5th. 

BTCUSD - Primary Analysis - Dec-06 1741 PM (1 hour)
BTCUSD - Primary Analysis - Dec-06 1741 PM (1 hour)
ETHUSD - Primary Analysis - Dec-06 1743 PM (15 min)
ETHUSD - Primary Analysis - Dec-06 1743 PM (15 min)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.