Nightly Crypto Report: Reaching Higher
Yesterday we tested important support. But overnight we saw a nice reversal putting counts back on track.
Bitcoin held key support over night. In nano, $54K is the next target region. Note that after close I studied the nano and am labelling it a little different than my last Bitcoin post. I see Bitcoin pushing directly to its target rather than in a 1-2 setup tonight. A break of $44,000 indicates circle-3 has topped and we are in circle-4. Also note my alternate notes. Because we went deep last night, I can argue that our bottom last night was circle-4. That gives us less waves to come. Therefore I plan to take all my leverage off at (iii).
I continue to hold my core based on the Core Algo. Current stop on leveraged scalp is $46,400.
Ether never tested key support and now is setup for a push to $2010, though I have no clarity regarding micro structure. Ideally we remain over $1683 until we reach $2000. Below $1683 we can retest $1495.
I have a small long in Ether.
No change today:
We have now retraced almost .382 of wave A, which can present an A wave bottom as shown. No sign of a temporary bottom just yet.
GBTC bounced nicely. Ideally we have not finished (5) and remain over $44 until we reach $51. Ideally that target is reached tomorrow.
I am full in my EW allocation as well as allocation to the MOMO algo. I took some profit but is less than 10% of my position. The Magicbus came and went with a quick loss today.