Short-term View on Bitcoin, Ether, GBTC and ETHBTC

Here is our short-term view on Bitcoin, Ether, GBTC and ETHBTC.  For our intermediate- and long-term analysis, please login to our Cryptocurrency Trading service.

Bitcoin

Right now, I only have a setup to get us to $10,200 and it may be in progress as we speak.  This despite the fact that we have some technical indication that the daily MACD may break out again. That doesn't support a top here in a 5th wave, but a third. So, I have added the comparable red count for Bitcoin. But I still need to see a run to $11K to solidify it objectively. 

Ether

We are currently in the middle of a run to ~$226, so I expect tomorrow I'll be fully committed to the red count. I'll then move from watching the above pivot level to marketing support for a 'fall back' to something less bullish. 

GBTC

I've worked on my GBTC count after seeing five waves for the start of C/iii complete in the early market hours. This leaves me with a very aggressive diagonal as shown with the third wave nominally targeting $14-15 and the fifth $16-17. But note these targets will adjust as we go. It's a diagonal. One event that may cause an immediate adjustment is a shallow retrace for the second wave of C. Also a breach of $10.55 makes this count unlikely. 

ETHBTC

No change. We are in the heart of this third wave until .02 is breached. 

ST Bitcoin Tactics:

Ceasing all pairing back until I know more about extensions. 

I scalped Ether and will cut back at $226 barring unforeseen. 

If we see a deep pullback lower tomorrow in GBTC I'll add. For my cost basis $10.83, but depending on your positioning, you may choose higher to ensure some sort of position for the third. 

GBTC - Primary Analysis - Jan-31 1527 PM (6 hour)
GBTC - Primary Analysis - Jan-31 1527 PM (6 hour)
GBTC - Micro - Feb-06 1700 PM (1 hour)
GBTC - Micro - Feb-06 1700 PM (1 hour)
XBTUSD - Primary Analysis - Jan-31 1525 PM (6 hour)
XBTUSD - Primary Analysis - Jan-31 1525 PM (6 hour)
ETHUSD - Primary Analysis - Jan-31 1526 PM (6 hour)
ETHUSD - Primary Analysis - Jan-31 1526 PM (6 hour)
ETHUSD - Micro - Feb-06 1658 PM (2 hour)
ETHUSD - Micro - Feb-06 1658 PM (2 hour)
ETHBTC - Primary Analysis - Feb-06 1659 PM (1 hour)
ETHBTC - Primary Analysis - Feb-06 1659 PM (1 hour)
XBTUSD - Micro - Feb-06 1658 PM (2 hour)
XBTUSD - Micro - Feb-06 1658 PM (2 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.