Nightly Crypto Report: Are We There Yet?

We still have no sign of a top but it sure feels close, at least for a large pullback in red count. The action is frothy. Bitfinex longs are starting to grow, and those subjective measures of sentiment -- Optix from Sentiment Trader, and the Fear and Greed Index -- are off the charts. The latter is the highest reading of 2019 and well into levels that statistically suggest Bitcoin will be down over the next 30 days. 

That said, we have not taken out any meaningful support, even with the red bar we had this afternoon. So, I am still looking higher for the mean time, as treacherous as it is. 

I can get a micro projection in Bitcoin from $8300 to $8450, and now have support for red circle 4 moves to $5872 with $5275 confirming the larger degree top for white. The first signal level that can bring on of these support level is $6852. 

Ethereum still hasn't done much, but it has spent time beating its head on overhead resistance. So, I do prefer still to see it move solidly into the $200's regions. We've touched that several times, but I'd like a move at least to $230. 

GBTC continues to extend with Bitcoin. This micro move still needs a (4) but again, sometimes we miss waves in GBTC. I can see $11.89 and the first sign of a top is at $8.63. For our extended red count $7.43 is support. 

ETHBTC finally has confirmed the deeper drop below the 2018 low, which I discussed with the orange count over the last few reports,  and so I have change my entire history for that count and it is posted. 

ETHBTC - Primary Analysis - May-13 1908 PM (1 day)
ETHBTC - Primary Analysis - May-13 1908 PM (1 day)
GBTC - Primary Analysis - May-13 1904 PM (2 hour)
GBTC - Primary Analysis - May-13 1904 PM (2 hour)
ETHUSD - Primary Analysis - May-13 1903 PM (2 hour)
ETHUSD - Primary Analysis - May-13 1903 PM (2 hour)
XBTUSD - Primary Analysis - May-13 1902 PM (45 min)
XBTUSD - Primary Analysis - May-13 1902 PM (45 min)
XBTUSD - Primary Analysis - May-13 1848 PM (6 hour)
XBTUSD - Primary Analysis - May-13 1848 PM (6 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.