Nightly Crypto Report: Actually Something to Talk About

Bitcoin

Today Bitcoin has moved northward in that 5th wave. This now has me looking towards $13K and I can even make out the possibility that we hit $15442. Now just to be safe I have the red count that puts this is in a B wave top with this 5th wave. The 5th wave is in C of red B. But this is not a concern unless we see 5 waves down below $7985. Above that level I am looking up toward $13K. Below that level, I am looking at $6300 at least. 

Ethereum 

We possibly have a shallow B complete in Ethereum, but since B's are usually deeper than we've seen, it is possible this is the 5th in an extended A. I have it in red but I like it slightly better. Perhaps I am correlating with BTC too much. But regardless, I am looking up toward $400 as long as $231 holds. That has not changed. Below $231 we'll head to the channel most likely around $195. 

Today, GBTC has put in a nano 5th wave. Now, I want to suggest we be a little careful. Since this 5th wave broke over the B wave, this may be all we have in our larger 5th wave. Generally you see the wave 1 of a larger 5th wave complete below the range of the previous high. Since this was not the case, we may have seen all of the 5th. That would work very well if Bitcoin is in the red count. But I also know from experience that Bitcoin is an extended 5'er as I call it. So sometimes its first wave of a 5 peeks over the previous high. Will GBTC follow this model? It has in the past. The bottom line is if we can hold $9.78 we can start toward $15. Below $9.78 there is some risk we have seen a completed move off the December low. 

ETHBTC is now deep into the B wave zone. Once we see a small 5up I'll map out the possibilities for C.