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