Nightly Crypto Report: Waning Quality Of Micro Charts

Short-term Traders:

We saw slippage overnight. The micro setups I've been tracking are still valid, but both Ethereum and Bitcoin are going to need to see bulls come back in to push them higher. We also have a decent probability of dropping lower. 

Bitcoin

After the overnight slippage, the quality of the micro setup is waning. Dropping below $43,270 makes a drop lower into $41K and below more likely. Conversely, five waves to $47K is what we need to see to suggest the setups for higher still have life. 

I'll continue to include the nano count until we fill in five waves:

Ethereum

Likewise, Ethereum is weak and the setup for higher is questionable. Below $3050 makes the setup higher improbable, and opens the door to a drop to $2600 likely. Conversely, five waves to $3660 would bring needed life back into the setup for higher. 

And, in Ethereum, I'll also follow the nano until we have five waves in circle-1.

ETHBTC

My ETHBTC chart has been forced into a change where we have topped in the A wave of the third wave and are in the B wave. This view is valid over 0.065. Below that, we should head down to long-term support at 0.055. I do not have clear signs that b has bottomed.

GBTC

The micro in GBTC is quite hard to read here, but a move over $39.35 suggests the bulls have a chance to break it higher.