Nightly Crypto Report: Going Deeper Still

Short Term Traders

General

We've continued to flush with no confident bottom pattern. I do not have a change to key levels. However, to stir you to appropriate risk management, I want to give you lower target levels, should our key supports start to break. They are included in the sections below. 

Bitcoin

The bottom line is that Bitcoin needs to hold $46,890. A rally through $58K from here would be viewed as constructive. Should we break $46,890, I have $38K to $41K as an expected minimum target before another chance to bottom. 

I am still long 100% in my core.

Ethereum

Ether needs to hold $1410 and a rally through $1785 would help the bullish case. I expect a minimum of $1000 to $1200 should $1410 break. 

I am flat.

ETHBTC 

We broke the local (ii). We now need to see whether wave 2 holds. There is no sign of Ether outperforming Bitcoin yet. 

GBTC

GBTC is still well structured, so there is no change. I consider 1-2/A-B setup in GBTC valid as long as over $37.88. However, should we break $37.88, I expect to see at least $30-$32 before a bottom. 

I remain long GBTC. I will stop out of all GBTC shares below $37.88.