Nightly Crypto Report: One More Low?

Key Levels:

Bitcoin Supports:  Bear Market Pivots: $20,360, $9800

Ethereum Supports:  Bear market pivot:  $842

GBTC Supports: Bear market pivots: $21.95, $11.00

Short Term Traders

General

Our potential bottom remains rather fragile, and I must continue to leave open the possibility of one more low. This is particularly true in Bitcoin.

Bitcoin

During stock market hours, If found action quite constructive. At open, I believed we were due for a pullback, which we got. However, it was deeper than I like. Further, it may be interpreted at five down. So this is a key point here tonight. Note that I've switch the red count white and added the orange which is a WXY. I find this orange count unlikely if we break over $35,000, but below $31,550 it is probable. 

I continue to hold my core based on the Core Algo. Flat in swing/scalping. I also have a small short to hedge a little. 

Ethereum

Ether appears to have topped in three waves today, in a structure I consider an unfinished diagonal. So far it has held and bounced. Ideally we rally to wave $1500 in v of (i). If we break the low at $1290, we are more likely to challenge the $910 low again. 

I have a small long in Ether. 

ETHBTC 

No change today:

I want to see wave 2 in white start very soon. If it does not by .0456 I will favor red count. Structure will then be far more supportive of that count. 

GBTC

GBTC remained constructive today. I can consider the structure a leading diagonal and now a corrective pullback. But much depends on Bitcoin at this point. Note that due to how high we rose today, if we break the low at $30.75, we are likely to sink down to $26.

I Increased EW allocation slightly but I still consider it thin. Both algos are flat. 

GBTC - Micro - Jan-25 1722 PM (2 hour)
GBTC - Micro - Jan-25 1722 PM (2 hour)
ETHUSD - Micro - Jan-25 1721 PM (1 hour)
ETHUSD - Micro - Jan-25 1721 PM (1 hour)
XBTUSD - Micro - Jan-25 1715 PM (30 min)
XBTUSD - Micro - Jan-25 1715 PM (30 min)
ETHBTC - Primary Analysis - Jan-25 1724 PM (1 day)
ETHBTC - Primary Analysis - Jan-25 1724 PM (1 day)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.