Nightly Crypto Report: Hope To Bulls
After the report last night, we saw a strong upside impulse. That gives 'hope' to bulls, but we still need to see bulls prove themselves before we can assume the bottom is in.
In the bearish primary view, B of (3) has topped. However, if we can hold $32,180 and break back over $34,500 we have further evidence that a bottom is in. In the bullish count, the next key milestone after $34,500 will be a break over $38K.
I am 100% invested, and I plan to add more with a pullback to $30,930 tonight.
I find the red bullish count far less convincing than the similar one in Bitcoin. I find the top in wave 4 likely. However, if Ether can break $2027 that's a good sign for bulls. Wave IV diminishes in probability with a break over $2190.
ETHBTC is now very close to bull market support between 0.05 and 0.055. Therefore, we may be close to an end in circle-IV.
In the bullish perspective, GBTC is in wave 2 and ideally holds $25. Below $25, a break of $24 is likely.