Nightly Crypto Report: Accelerating

Micro:

General

Bitcoin has solidly moved into my previous red count which is now black. And, the new red count is a more bullish alternative. 

I am starting to hear that some feel inadequately positioned. First, know that one doesn't have to have a fully allocated position to enjoy a bull market. FOMO is the most destructive emotion in trading. But if you have no position, you leave me in a tough spot to recommend a nice entry. There isn't one in a third wave. That is why I did so much accumulation in the $20Ks. But you can use $34,100 as support and add a position that you are comfortable seeing at that level IF Bitcoin goes there. It may not be until after $100K. 

Bitcoin

With a sustained break over $42K, it is clear that Bitcoin is at least in my previous red count which should take it to between $50 and $65K in the C wave. It is still due for a pullback in that count. That pullback would be black (iv) and if it has started, it should hold $34,130. 

Alternatively, Bitcoin is on the more direct path to $125K in red. I do not like the count for many reasons from aspects of microstructure to lack of confluence with $125K. But in that count,  rendered in red, Bitcoin should rally from here to $65K without much of a pullback. There it should pull back in red wave-(iii). Further, breaking over $65K increases the probability of this count. 

Ethereum

Ether has only morphed slightly with an extension in its fifth wave. Wave-(5) may have topped already but it seems one more high to $2340 is likely. It takes a move through $2600, sustained, to place Ether in a more aggressive count. 

ETHBTC

The path of least resistance is a drop to 0.047 from here before the next try at forming a bottom.

GBTC

GBTC has been moved to extended count with wave-(iii) likely to reach $39 to $40, at least