Nightly Crypto Report: Finally Caught Fire

We finally caught fire after many days of patience and boredom, with Ether pushing through resistance today. Bitcoin is starting to catch up. Note the basic levels of support are the same for wave (4), since (5) has not yet completed. However, with each coin, I'm adding more close-in support for those that want to roll up stops. These levels are more appropriate for scalpers. However, since I expect a more substantial pullback after this move completes, you might consider using them for some of your position. I'll leave it to your discretion.

Bitcoin

$10,400 to $10,225 is still ideal support for wave (4) should we fall short of target. The ideal target I have for a third wave in (5) is $13,155. Tightest support is $11,436 to $11,266 all on Kraken, but will move as we go. 

Ethereum

$300 to $293 is still ideal support for (4) should we fall short of target. The ideal target I have for a third wave in (5) is $481. Tightest support is $404 and $375 all on Kraken. 

ETHBTC

We have a breakout and so I've been wrong on the fact that (5) completed. I now expect an extension to .039 to .042. Further this move suggests that orange count is in strong contention. Tomorrow I'll look at that count, and may make a whole sale change to orange. Note orange still calls for a top in this region but only as a third in a larger diagonal. 

GBTC

We flatlined today in GBTC. I still expect a push higher in (B), ideally to $14 and the overnight action in coins certainly should help, maybe even push extensions. 

XBTUSD - Micro - Aug-13 1709 PM (1 hour)
XBTUSD - Micro - Aug-13 1709 PM (1 hour)
GBTC - Micro - Aug-13 1705 PM (20 min)
GBTC - Micro - Aug-13 1705 PM (20 min)
GBTC - Combined Impulse HighB - Aug-11 1654 PM (6 hour)
GBTC - Combined Impulse HighB - Aug-11 1654 PM (6 hour)
XBTUSD - Combined Impulse HighB - Aug-12 1607 PM (6 hour)
XBTUSD - Combined Impulse HighB - Aug-12 1607 PM (6 hour)
ETHUSD - Combined Impulse HighB - Aug-10 1738 PM (6 hour)
ETHUSD - Combined Impulse HighB - Aug-10 1738 PM (6 hour)
ETHUSD - Micro - Aug-13 1707 PM (45 min)
ETHUSD - Micro - Aug-13 1707 PM (45 min)
ETHBTC - Primary Analysis - Aug-13 1724 PM (2 hour)
ETHBTC - Primary Analysis - Aug-13 1724 PM (2 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.