Nightly Crypto Report: Bull Keep The Ball

The grind continues, and the market is keeping it easy for me. You'll note that I've switched the colors for the B wave and the impulse. I, by far, prefer the impulse as it is quite clean but we can never rule out B waves in Bitcoin and Ether until they fill in five waves. High B waves in crypto are far too common. However, we have all the tools we need to not get caught in them. All I have done today is update those 'B wave top pivots'. Above them we are in the impulse. Below them we are in the C wave down. It's as easy as that. 

Bitcoin

We can now use $36,240 Kraken as the key pivot between the impulse and the B wave. Below that level, we lose the impulse, and open the door to the white C wave lower toward $24-20K. Otherwise we are headed to $60K.

I continue to hold my core based on the Core Algo. My puts expired but I may re-establish or cut my core at $60K. I am also slightly long Bitcoin on leverage. 

Ethereum

Ether now crossed the .764 extension. This means we can use $1115 for the pivot between the continued march to $1560 and a C wave back to $850. 

Slightly long Ether on leverage. 

ETHBTC 

ETHBTC seems to be setting up for higher as it is consolidating in the blue box but I do not have enough clarity to remove white yet. 

GBTC

I've looked at GBTC with the assumption we've had a truncated bottom. This means that the road to $60-70 now needs to hold $40.68. I am using $40.65 as a stop on my Elliott Wave allocation.  

I'm now down to my MOMO algo position and EW allocation. We may see a Magicbus signal tomorrow. 

GBTC - Micro - Jan-14 1707 PM (45 min)
GBTC - Micro - Jan-14 1707 PM (45 min)
ETHBTC - Primary Analysis - Jan-14 1707 PM (6 hour)
ETHBTC - Primary Analysis - Jan-14 1707 PM (6 hour)
ETHUSD - Micro - Jan-14 1655 PM (45 min)
ETHUSD - Micro - Jan-14 1655 PM (45 min)
XBTUSD - Micro - Jan-14 1657 PM (1 hour)
XBTUSD - Micro - Jan-14 1657 PM (1 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.