Last night saw a drop for the markets, with Bitcoin touching 9701 then jolting higher. It could be argued that we put in the high at 10300 and continued down with 5th wave impulse move. If that assessment is correct then we might be seeing a 1-2 corrective wave structure, ready to drop for an extended 3rd wave move to the downside. The Bears have a lot to gain if they manage to take Bitcoin lower, and where Bitcoin goes, the Crypto Markets follow. Stay tuned, this could get interesting.
News:
Tether Creates New EUR, and USD Tokens On Ethereum Blockchain:
Coinbase Facing The Wrath Of Angry Customer Complaints:
https://www.coindesk.com/bitcoin-soars-coinbase-customer-complaints/
Bitcoin overlapped a bit into the territory of Pink Wave (2) and then pulled back. We expect this pivot high to hold as the ending of Pink Wave (4) if the Bearish Wave count is expected to play out to the downside. We suspect that the current price action is the early formation of a 1-2 decline to the downside.
There is not too much to get excited about with this count. There is overlap between the final Waves i-iv which should be expected in a Wave C scenario but ETH seems content on chopping sideways. It seems ETH is looking for BTC for direction and that will take more time to play out.
