Cryptocurrency Nightly Report: Dichotomy Between Ether & Bitcoin
I'm going to write the report early today, but instead of a full description, I am going to offer some key notes:
Bitcoin (BTC) is at risk here. While we didn't breach support, we really tested it last night. My leaning is that if we do not see a rally out of this zone, and instead breach the low last night, we will see this impulse fail.
I do not know whether this will form a diagonal or something more bearish, but I am going to be very cautious tonight in my scalping account, and may reduce my position built up in support. As of writing I have a nano projection to the $3625-40 area, so that's good but it must hold the low last night for that projection to be valid.
Ether (ETH) actually looks quite bullish. It has not seen support for some time. It appears this wave 4 is taking the form of an ascending triangle. So, there is a dichotomy between Ether and Bitcoin, unless we see a rally in Bitcoin very soon.
GBTC saw a 4 cent breach of support. So, this leaves some questions. The correction is still just that, a correction, with a corrective structure. I've added the ABC count as shown. I'm leaving the white count with such a small breach, but I'll watch for signs of C wave extensions. This sort of structure could form a diagonal for new bear market lows, but this is not evident yet.