Nightly Crypto Report: B-B-B Breakdown!

Here is our analysis on Bitcoin, Ether, GBTC and ETHBTC for short-term traders: 

Bitcoin

Bitcoin breached that magical $9330 support level where I view none of my alternative bullish counts valid. So, I now now count Bitcoin in wave ii. Support is $7125, but that doesn't not mean we get there. As I say, 'support is not a target'. Further, we have many charts already hitting deep wave twos, including Litecoin and EOS. But I'd like to see Bitcoin get to the $8730 region at least to retrace .382 of the move off September.  However, with the strong bounce off today's low, I kid you not that I will watch for an impulse now. I also like the 'idea' that we see a quick WXY to the .382 retrace render in my red alt that takes us directly the $8700 region overnight or tomorrow.  That is a very typical pattern in Bitcoin and I'll watch for that here. If we reach $8730 and only see a corrective rally we'll need to look for a deeper wave ii. 

Ether

I'd like to see Ether sneak in another high for a 5th wave if it can. The fact that we have five waves off (4) and have not breached that low, deems it possible. Further, ETHBTC came down straight into high support and has bounced strongly. But I won't hang on to this idea if we breach the spike low at $247. If we slide into wave ii in Ether, support is $141 and again that is not a target, just support. 

GBTC

I have preferred to see GBTC run to the $15's today and we closed with a great setup. But if GBTC buyers respond to this action in Bitcoin and Bitcoin continues to remain bearish into the night I suspect my other alt micro may be in play where GBTC retests the channel off the December. I have included both micros today. 

ETHBTC

This is a repeat from yesterday and still in play: 

ETHBTC has not yet completed three until it breaks ,0264, and so may get one more wave toward .029. Once complete support for wave 4 is .0226.

ST Bitcoin Tactics:

I took my position off in ETHBTC near the high and have added back as we started to pullback. I'll continue to add into the stop at .0226, leaving plenty of ammo to see that level. 

I plan to add ETHUSD on leverage into $242 if we see such depth. 

GBTC - Alt Micro - Feb-19 1620 PM (45 min)
GBTC - Alt Micro - Feb-19 1620 PM (45 min)
ETHUSD - Primary Analysis - Feb-19 1619 PM (6 hour)
ETHUSD - Primary Analysis - Feb-19 1619 PM (6 hour)
GBTC - Primary Analysis - Feb-14 1543 PM (6 hour)
GBTC - Primary Analysis - Feb-14 1543 PM (6 hour)
XBTUSD - Primary Analysis - Feb-19 1556 PM (6 hour)
XBTUSD - Primary Analysis - Feb-19 1556 PM (6 hour)
ETHBTC - Primary Analysis - Feb-19 1619 PM (45 min)
ETHBTC - Primary Analysis - Feb-19 1619 PM (45 min)
GBTC - Micro - Feb-19 1602 PM (10 min)
GBTC - Micro - Feb-19 1602 PM (10 min)
ETHUSD - Micro - Feb-19 1703 PM (30 min)
ETHUSD - Micro - Feb-19 1703 PM (30 min)
XBTUSD - Micro - Feb-19 1710 PM (30 min)
XBTUSD - Micro - Feb-19 1710 PM (30 min)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.