Nightly Crypto Report: Can We Get Another Low ... Or Not?

Summary: As stated in last night's report, I was expecting one more nano low on each chart. However, today, I saw more evidence fighting that idea than evidence for it. As both coins saw 5 waves down into the .618 extension, Bitcoin started to drift lower without seeing the acceleration you usually see with a break below the .618 extension. Further, I see bullish technicals. Both coins have a MACD that is coiled on the hourly. Further, there is a hint of price action that wants to turn. I sure hope this is not another C wave higher before we come down again. I still want to see an impulse through $110 Ethereum and $3440-60 Bitcoin to just begin to hint at a bottom. 

On the Bitcoin chart, I have marked the nano orange count, as I can make a hint of an impulsive wave 1 out. The first note that this is in play is a break above $3375 as that invalidates the 1-2 setup down. That setup is already questionable. I cannot make such a clear impulse out of Ethereum. 

We have enough waves for GBTC to be consider complete, but we need to see $4.10 taken out. The price action off the low is not clearly impulsive, so I will not be surprised to see another low. 

No change to my view of ETHBTC for the moment. 

I also noted earlier that our Bollinger Bands are extremely tight from the daily down to hourly timeframes. This cannot last. Volatility will return soon. Will it be up or down? You know my position, as long as above support. 

XBTUSD - Primary Analysis - Feb-07 1420 PM (1 hour)
XBTUSD - Primary Analysis - Feb-07 1420 PM (1 hour)
XBTUSD - Primary Analysis - Feb-07 1422 PM (15 min)
XBTUSD - Primary Analysis - Feb-07 1422 PM (15 min)
ETHBTC - Primary Analysis - Feb-07 1429 PM (6 hour)
ETHBTC - Primary Analysis - Feb-07 1429 PM (6 hour)
XBTUSD - Primary Analysis - Feb-07 1421 PM (15 min)
XBTUSD - Primary Analysis - Feb-07 1421 PM (15 min)
ETHUSD - Primary Analysis - Feb-07 1430 PM (10 min)
ETHUSD - Primary Analysis - Feb-07 1430 PM (10 min)
GBTC - Primary Analysis - Feb-07 1431 PM (45 min)
GBTC - Primary Analysis - Feb-07 1431 PM (45 min)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.