Nightly Crypto Report: Stretching Some Legs
Bitcoin continued to rally today. Ether really hasn't. Is Ether warning of impending doom? Maybe, but right now as Bitcoin continues to push, it can always get "little bro" to catch up.
Looking at the wave counts, Bitcoin invalidated the 1-2, i-ii setup. I am now watching to see if we hold the 1-2 noted in orange on the chart.
But note that it really needs to turn tonight. Further, this move off the low, though it looks to have come from an in complete B wave, says it can push to the higher B. Note that despite using colors I do not strongly favor either count. It depends on from where an impulsive downward move shows. So, let's talk levels:
Bitcoin, to hold the 1-2, should see an impulse below $10,662 and definitely below $11,132. Above the latter, we can see $12,352 in the B. Finally above that level, I have to watch for breakout. Also note that if we do take the orange path tonight, it breaks the back of the wave 4 alt, at least if it fulfills the potential to $6800.
I will not take any steps to hedge until I see 5 waves down.
Again, Ether is so weak and has not damaged the B of three thesis here, one bit. Over $227, I see $250. But can it even get to $227. I chuckle.
GBTC complete 5 waves up today and as stated I took my entire position off. However, if we do pullback correctively and hold $12.48, I will aggressively go long as that may be a breakout setup.
ETHBTC continues its slide. I'm glad to see this one mind a count for a change and I think I've had this one for a month or two.