Nightly Crypto Report: Can We Push It?

There isn't too much to say here on the grand scale. As I emphasized in the webinar last night, THIS BULL MARKET IS INTACT. And, so I fully expect Bitcoin to reach the $6K region with possible extensions to $7K+ before a major pullback. Granted I need to remind that I see the $6K region as 'sentiment loaded' zone due to the November triangle and outright bullish sentiment during that time. I expect that region to be violent, and perhaps bring a swift end to wave 1. But until $4425 is breached, we need not talk bear market. Still, ideally $4600 holds. 

The question on my mind today, is whether we are going to fill out the red diagonal. Again, per the webinar, if we do, we may have the first wave of circle 5 in place. We are now pushing against that A=C resistance. Over $5465 I'll find it hard to call this a B wave, and will then look to see if we fill out the red five wave pattern. We haven't done that yet, but I tell you we've had decent technical strength, despite the slow chop to this point. As I pointed out in one post below, I see the first detection of technical weakness in this resistance zone really in the last 2 hours, but not enough to say we are coming down in that C. Only a hint of weakness at this point, and maybe it points to red (iv). I do not know yet. 

Etherum on the other hand has been weak all along, and again, if we break $141 I'll consider the running flat count more seriously. But right now, especially since our decline is corrective, not impulsive, despite how weak it is, I need to hold that running flat with loose hands. 

GBTC continues to deliver. I am now giving the benefit of the doubt that we have a very ugly diagonal off the low. It's questionable structure but not the extensions. So, as long as we hold $6.43 I will count wave 1 of wave 5 in place. What does that say about BTC? I do not correlate these two. I have shown extensively why I don't in webinars. They are off. One leads sometimes. Sometimes the other. But every once in a while they sync up. Let's see they both do here. 

Nothing to add to ETHBTC. We have in action here, skirting the bottom of support. 

ETHBTC - Primary Analysis - May-02 1653 PM (1 day)
ETHBTC - Primary Analysis - May-02 1653 PM (1 day)
ETHUSD - Primary Analysis - May-02 1651 PM (6 hour)
ETHUSD - Primary Analysis - May-02 1651 PM (6 hour)
GBTC - Primary Analysis - May-02 1652 PM (10 min)
GBTC - Primary Analysis - May-02 1652 PM (10 min)
XBTUSD - Primary Analysis - May-02 1644 PM (45 min)
XBTUSD - Primary Analysis - May-02 1644 PM (45 min)
XBTUSD - Primary Analysis - May-02 1645 PM (6 hour)
XBTUSD - Primary Analysis - May-02 1645 PM (6 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.