Bitcoin Long Term Chart

No change in our long term chart as we continue to look for higher. Last time we were looking for the correction to end and another push to new highs to complete the final leg up of this current bull trend. We have rallied to new highs so lets look to the short term to see if we have seen the top given the continuing divergence in the MACD.

Bitcoin Short Term Chart

Last time I said ‘If the correction is over then we should stay above the 111900 level wave (iv) low. A move below there without a new high would throw this count into doubt but we remain bullish BTC until then.’ We moved up inlne with expectations in 5 waves before correcting. We have met minimum targets to the topside and have corrected in 3 waves to test the 76.4% retracement level. Whilst above the wave (iv) low mentioned we will remain bullish with a turn from current levels confirmed on a move back above 120k.

Bitcoin 30 minutes Chart

Here is the very short term chart. We can see a clear 3 waves off the wave i high and I expect to see a reversal anytime. On a risk reward basis by now at  115k with stops below 111k. If correct we should see a sharp reversal confirmed by bullish divergence in the MACD and a break out of the channel.

Ethereum long Term Chart

I am struggling with the ETH and keep flipping my view , from bullish to bearish , more times than a pancake. Like the BTC we have made a new high in 5 waves completing the minimum target. This could however simply be wave 1 of 5 , but either way we should see a move lower that will provide us with greater clarity on the next several weeks direction.

Ethereum short Term Chart

Given the size of the correction from the 4788 high we are favoring that 5 waves has ended and a larger reversal is underway. As mentioned this could be the end of the trend or (given no sign of divergence) the end of wave 1 of 5. A move below 3730 will confirm a top is in place , lets break the price action down into the very short term to look for any clues.

Ethereum Very short Term Chart

A move back above 4680 will swing the odds back in favor for higher  ETH.