Nightly Crypto Report: Bitcoin Only 3 Waves Up Off Low

Bitcoin is more convincing than Ethereum here, because it dropped to a new low in our wave two correction. That gives some credit to it partially completing a correction. However, it truncated in this last leg lower, so I have a hard time believing this rally even though we have seen much truncation lately. Right now we have three waves up off the low. If we finish 5 waves here, I'll believe this bottom more readily. Note if we do not hold and complete five waves, we may have a B wave in a larger WXY, which suggests it will threaten support at $7800. I am not fully positioned, and I do not plan to be unless we complete five waves here so I can trade against a tight stop. 

Ether is much worse. It is possible that we have a meandering running flat and are ready to go but this start is a diagonal at best, and completely corrective at worse. This causes me to favor a WXY going lower, unless we see the red diagonal fill out. Breaking over $195 would be a good sign the running flat is in play. A running flat is a correction where the B is higher than the start of A, and the C does not go lower than the end of A. 

Nothing to add in ETHBTC other than it continues to grind northward and looks good.

I'm adding the GBTC micro today to point out something that I believe is critical tomorrow. This is not typical to put on Sunday reports, but pay attention. I posted the trade at open on Friday, and we are already up over 40 cents. But I do not know yet whether we are in white with a B wave or are headed higher off red count. Note that if we hit $12.50 in five wave, this indicates the correction is over. It is also a profit taking region. A B wave will have a clearly corrective structure, and will cause me to sell out a substantial size of my holding in order to buy later. There is just no way to tell which now, but I'll be watching both closely and give word as soon as I have preference. 

ETHBTC - Primary Analysis - Nov-10 1835 PM (6 hour)
ETHBTC - Primary Analysis - Nov-10 1835 PM (6 hour)
ETHUSD - Primary Analysis - Nov-10 1833 PM (20 min)
ETHUSD - Primary Analysis - Nov-10 1833 PM (20 min)
XBTUSD - Primary Analysis - Nov-10 1829 PM (15 min)
XBTUSD - Primary Analysis - Nov-10 1829 PM (15 min)
GBTC - Primary Analysis - Nov-10 1827 PM (45 min)
GBTC - Primary Analysis - Nov-10 1827 PM (45 min)
XBTUSD - Primary Analysis - Nov-10 1830 PM (6 hour)
XBTUSD - Primary Analysis - Nov-10 1830 PM (6 hour)
ETHUSD - Primary Analysis - Nov-10 1834 PM (6 hour)
ETHUSD - Primary Analysis - Nov-10 1834 PM (6 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.