Cryptocurrency Nightly Report: Delayed Gratification?

Delayed Gratification?

We've hung around in that elusive start of the heart of the third, whether third of C, or an impulsive third, and yet we haven't seen price tighten and form those strong bars, especially how cryptos do, when in a third. We are still hovering below the .618 extension and that is a key level to see breached. So far the qualitative nature of this action suggests our third is not in play. Yet we are over support. I simply want to take this post to suggest some risk management, or at least awareness here, as we can see a return to circle 2 in both counts with this action, unless we get going very soon, ideally in the next 24. Risk management is most important if like me, you trade on leverage. 

So, I am presenting two B wave tops which were mentioned in past reports, but not labeled. I may not have said the phrase B wave top, but I know many times I said we can return to circle 2. And this is what this looks like, in red, on both charts. This by no means is confirmed. But, I want to give levels where this is basically confirmed, or as much confirmation as one can ask for from a market. 

I also want to urge you control your emotions. Elliott said that the crowd considers the wave 2 the return of the bear market. We really didn't see this sentment in our wave 2 as counted in primary white, as everyone was excited for a relief rally. Maybe we need a little scary to get that third wave really started. Again, the best third waves happen when no one is buying, until higher. 

Bitcoin: 

Below $3690 Bitcoin is giving warning of a B wave top, and below $3624 is confirmed. I'd expect for Bitcoin to seek $3485 again if it confirms, and a break over the high at $3814 makes this less likely. 

Ethereum:

A real warning from Ether comes with a breach of $133.85 and $127.5 confirms a B wave top. Over $156.85 makes the B wave unlikely. $104 is the best target for C. 

ETHBTC can now be called 5up off the low, but ideally does see a smaller degree 5 to cap it off. 

GBTC still trudging along nicely. 

Note again all prices are Bitmex based. 

ETHBTC - Primary Analysis - Jan-03 1327 PM (30 min)
ETHBTC - Primary Analysis - Jan-03 1327 PM (30 min)
ETHUSD - Primary Analysis - Jan-03 1317 PM (20 min)
ETHUSD - Primary Analysis - Jan-03 1317 PM (20 min)
XBTUSD - Primary Analysis - Jan-03 1316 PM (30 min)
XBTUSD - Primary Analysis - Jan-03 1316 PM (30 min)
GBTC - Primary Analysis - Jan-03 1328 PM (30 min)
GBTC - Primary Analysis - Jan-03 1328 PM (30 min)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.