Nightly Crypto Report: Boring Is Good

Oct 25, 2023 - 3:17 PM EDT

Today was quiet but after such a strong move up, that is much better than rejection and support failing.

Bitcoin

$30,650 remains support. If it breaks under $32K, I will assume wave-(4) is in progress. But as of writing, it seems more intent on reaching for $38K first.

Ethereum

Support for Ether is $1680. My view, as Ether is more corrective locally, is that it can easily drop into support which I'll consider circle-4. Circle-5 of iii ideally reaches $1910.

ETHBTC

We have a small bounce in this pair but not enough to say its A-wave has bottomed.

GBTC

There is little to add to GBTC but it can start (4) of circle-3 anytime. If it does support is $23.20.

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.

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