Out of the Weeds
After another day of basically no movement in the cryptocurrencies, I thought I'd back us out just a smidge. Basically, my view has not changed. I see one small pop higher before we start the final wave down. However, because we are moving sideways in three up and three down patterns, trying to figure out when and how it will break is an exercise in futility. As shared mid day, I can count a few ways in which this can resolve. I can also consider that perhaps we're already in the wave down as a diagonal. But to be certain about which direction we are going, I need to see a break of the first level of support and resistance, so I've backed out just a bit to take a look and will let the market stay sandwiched between the two until it resolves either way.
I still like the B Wave triangle in Bitcoin. But I need to see over $6750 here to confirm this pattern and soon. $7095 remains the first signal that a larger rally will ignite. There are other forms this may take higher such as an ending diagonal.
And I cannot now rule out a leading diagonal downward. But we need to see a break of $6289 to confirm and then see 5 waves in the form of a diagonal to put the start of the move down as the primary view.
I like the ending diagonal in Ether still but I can also see a potential triangle fill out here, just as BTC, but if so it is two waves behind. It still needs the D and E waves. I need a break over $239 to confirm we are moving higher, and $380 is still breakout at a larger degree. A break of $185 suggest the rollover into the low $100's has started.
The ETHBTC pair is still holding that bottom pattern. Honestly, if we don't aim at that circle 2 soon, we may already have it bottomed and we might be in a leading diagonal higher in the first wave of the next third. But it is choppy just the same here, and hard to discern the hourly pattern.
I still see GBTC in the $6's before a bottom.