Nightly Crypto Report: Encouraging Action Off Low

Bitcoin and Ether dropped deeper last night. Action into the late afternoon is constructive and I'm looking for signs of a confident bottom. GBTC hardly responded to the drop and so has not changed much at all. 

Bitcoin

Bitcoin broke $61,300 and is now in a fairly deep wave 2. We must remain over $55K. I am watching the potential that we already bottomed, and retaking $63,800 makes that likely. 

I am still long 100% in my core.

Ethereum

Ether's overnight action suggests a low wave 3 top is in. Wave 4 needs to hold $2280. Like Bitcoin, action off of the low is encouraging. 

I am long Ether. (smaller than Bitcoin)

ETHBTC

We now have five waves up in (i) of ETHBTC. (i) can continue to stretch to .038-.039. Once we have a top confirmed, I can map critical support in (II).

GBTC

There is no change today. GBTC's action was quiet. Yesterday I wrote:

I don't like such a deep circle-ii on my chart as shown. There is a chance we had a high b in red and have not really escaped from wave 2. If the case, we will likely see more downward action tomorrow and have to again look at $42.54

I remain long GBTC. I prefer to keep my stop at $47 but I may find myself loosening my stop tomorrow if we cannot hold today's low. Note my stop is not kept open on my account.

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.