Nightly Crypto Report: The Cookie Crumbled

For Long Term Traders and Short Term traders: With the break of support I want to take careful time writing up this portion of the report. Today was action packed and I may need the weekend but will start. But it is important to know that with the break of the local 1-2 we are in the larger wave ii still. And, support are again as followed: 

Bitcoin $4300

GBTC $5 

Ether $113. 

I stopped out largely today except with EOS and am reverting to short term scalping until we have a more sizable swing trade to work on. The current break of support also opens us back to continue the chop we've seen since May. It is my expectation that any rally here is C of a B wave setting up a final wave down. If in a B wave where, we land can be tough to pinpoint. However, until Bitcoin retakes $8200, I can see $6800. Until Ether takes out $182, I can see it hit $145. We have minor resistance in Bitcoin at $7650 to 7700. And, we have the same in Ether at $172. Until those levels are breached we have immediate pressure down. Further, the aggressive move through support today, is most likely part of a minor third wave within C of this B

I also see a possibility that we are in process of finishing the A wave of a much larger correction per red in Bitcoin. 

GBTC is a completely different animal now. For one, we have not broken support decisively at $9. I assume will. But further our five up into November is less questionable as I've stated. I presume that it will break in the next couple days unless Bitcoin starts to rally through resistance. So, I stopped out none the less, but it is this chart still suggesting upside is potential. I just won't hang on to it until it proves it. 

The bottom line is the long term is fine until the key levels mentioned above are taken out. But now that local support is taken out, you have to ask if you also want to suffer a stop out there as well. I do not. I'll stand aside except small trades. 

GBTC - Primary Analysis - Nov-21 1601 PM (1 day)
GBTC - Primary Analysis - Nov-21 1601 PM (1 day)
ETHBTC - Primary Analysis - Nov-21 1602 PM (1 hour)
ETHBTC - Primary Analysis - Nov-21 1602 PM (1 hour)
ETHUSD - Primary Analysis - Nov-21 1558 PM (1 hour)
ETHUSD - Primary Analysis - Nov-21 1558 PM (1 hour)
ETHUSD - Primary Analysis - Nov-21 1559 PM (6 hour)
ETHUSD - Primary Analysis - Nov-21 1559 PM (6 hour)
XBTUSD - Alt B Wave - Nov-21 1555 PM (20 min)
XBTUSD - Alt B Wave - Nov-21 1555 PM (20 min)
XBTUSD - Alt B Wave - Nov-21 1553 PM (6 hour)
XBTUSD - Alt B Wave - Nov-21 1553 PM (6 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.