Nightly Crypto Report: Decision Starts Now
By
Ryan Wilday
As of writing, Bitcoin and Ether are in their first test off the recent lows. The decision as to whether we need another low or not starts now.
Bitcoin
Bitcoin would look better as five waves if it holds $60,500 and forms a fifth into $66K. If we break $60,500, I will give the potential Bitcoin formed five waves the benefit of the doubt. Then it will need to hold $58K and break upward. If it does then we have a strong signal a bottom is in. Breaking $58K should send it to $54K.
Ethereum
Ether is testing a potential wave-4. Ideally, it holds $3020 and breaks upward to form its fifth wave near $3280. If it breaks $3020, then I will assume a weak five-wave structure formed. Then red-(ii) will need to hold the $2950 region and break higher. That would indicate the low is in. Otherwise, it will take the black path toward $2570.
ETHBTC
ETHBTC failed to form five waves, so I presume it will break 0.046 but I will leave the black count on until it does.
The visual on my chart changed slightly as I tightened the local target box for red-(v), and made a smaller box in the lower right for the broader support region at 0.023.
