Nightly Crypto Report, June 5th, 2024: Bitcoin Finally Cracks its Floor

Jun 5, 2025 - 2:25 PM EDT

Long Term View:

Intermediate views are included in Sunday's reports.

Housekeeping:

NA

Micro Summary:

Bitcoin finally followed through on its looming fifth wave. Now I am looking for a low to form.

Bitcoin

Bitcoin followed through in its fifth of circle-C, which should lead us to the bottom in black-ii or red-A. The difference between the two is that black should reverse impulsively, and red will be corrective. $102,800 is the first level where I plan to buy. However, currently the nano structure suggests Bitcoin may hit at least $101,700.

Ethereum

Ether has not made the headway that Bitcoin has, but it ideally makes quick work of getting to $2030. If it breaks over $2680 the door to another attempt at $3030 opens.

ETHBTC

I haven't seen a reversal this large for a long time. But to imagine ETHBTC can get to circle-b, I would need a break over 0.03. In other words, this reversal is insufficient to turn the trend.

Spot Conversion

It is not productive for me to produce charts for all the Bitcoin ETFs. The charts lack the history and Bitcoin's price extremes outside regular trading hours needed to create an accurate count. I would need to build calculated charts of each one and manage changes in the conversion rate. That would cut down on coverage of other charts in the service.

Instead, I offer conversion numbers for the Bitcoin ETFs so you can use my Bitcoin chart to manage your positions. These conversions are not perfect, but they can give you a decent sense of risk-to-reward. To convert Bitcoin supports and targets for your ETF, divide the Bitcoin level by the following numbers:

BITO: 4608

ARKB: 1006

FBTC: 1149

GBTC: 1270

DEFI: 887

EZBC: 1733

HODL: 3551

IBIT: 1766

BRRR: 3552

BTCO: 1006

BTCW: 948

BITB: 1838

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.

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