Nightly Crypto Report: Action Remains Constructive

Short-term Traders:

General

Both Ether and Bitcoin struck a bottom overnight and put in five waves into our intraday highs. This bodes well for a breakout as long as we hold over yesterday's low.

Bitcoin

We have five waves in Bitcoin off the low at $37,140 so ideally, that low holds. It would be even better to hold the .764 retrace $37,800. Breaking last night's highs should signal a break higher in the third wave. 

I am long 90% core now that my order at $37,500 was hit last night. 

Ethereum

Ether put in five waves off the low at $2640, so our setup is bullish as long as the low holds. Ideally, Ether holds over $2685 and breaks last night's high. 

ETHBTC

We are in want of a b wave correction in ETHBTC but it continues to extend. 

GBTC

GBTC continues to just go sideways and there isn't anything to discuss as long as it is between $28 and $37. 

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.