Weakness Continues - Market Analysis for Jul 24th, 2019

Weakness Continues

I want to be crystal clear. Last night's 'supplemental' was a rush to warning after the market itself warned. But we do not have 'confirmation' yet that the downside is still in play. That comes with a corrective retrace that cannot break recent highs, then a breakdown. Confirmation is a bit of a dirty word in my view. As I say, certainty from markets at all times is zero. The trader must learn to live with probability, not certainty and focus on risk to reward edge, vs. continual directional edge. But I want to say that the market can still break what I am currently seeing. I have $227 Ether, and $10557 as indication that the market may yet break toward that upper B. Yet, we have what looks like fives off recent highs and barely a rally today. It looks like a nano wave 2 forming before wave 3 of our respective C's scares the living day lights out of crypto traders everywhere. Mark those levels. 

I've refined targets in Ether and Bitcoin and both aim close to  key retrace levels off move off the December low. While I'm 'pre extending' the C wave, It is normal to see the big fibs operate as magnets. For Bitcoin that is the .382 $7855, and and Ethereum, the .618 at $155. I will intently watch for the entire correction end there, but an impulse forms, I will be cautious. 

GBTC was very weak. Man, it looks like it wants to gap down. So, I'm counting it in a 1-2,i-ii setup. But we'll know more tomorrow. 

ETHBTC now is well progressed in this third wave down, continuing to remains much weaker than ETHUSD, and BTCUSD together. 

ETHUSD - Primary Analysis - Jul-24 1555 PM (6 hour)
ETHUSD - Primary Analysis - Jul-24 1555 PM (6 hour)
GBTC - Primary Analysis - Jul-24 1539 PM (15 min)
GBTC - Primary Analysis - Jul-24 1539 PM (15 min)
ETHBTC - Primary Analysis - Jul-24 1541 PM (2 hour)
ETHBTC - Primary Analysis - Jul-24 1541 PM (2 hour)
GBTC - Primary Analysis - Jul-24 1540 PM (1 day)
GBTC - Primary Analysis - Jul-24 1540 PM (1 day)
XBTUSD - Primary Analysis - Jul-24 1542 PM (6 hour)
XBTUSD - Primary Analysis - Jul-24 1542 PM (6 hour)
XBTUSD - Primary Analysis - Jul-24 1542 PM (1 hour)
XBTUSD - Primary Analysis - Jul-24 1542 PM (1 hour)
ETHUSD - Primary Analysis - Jul-24 1552 PM (2 hour)
ETHUSD - Primary Analysis - Jul-24 1552 PM (2 hour)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.