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 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.
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)
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).
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.