Bitcoin Weekly Chart
On a weekly basis we continue to look for lower whilst below the wave (X) high, Lets look to the shorter term to see how far along wave (C) we are.
Bitcoin Daily Chart
Last week we said, ‘It appears we may have completed the first wave lower, so let's look to the short term for possible sell levels. I am showing the alternative view as well, which will come into play on a break above, what I believe is the wave (B) high at the moment. If we do trade higher from here, I will use that opportunity to sell around the top of the channel followed by the retracement levels shown on the chart.' No added evidence to change the above view.
Bitcoin Short Term Chart
The correction I was looking for went slightly higher than expected but stopped just above the 76.4% retrace level at 73813, and whilst below the wave (B) high at 75999 I continue to look for lower. Let's look to the very short term chart to see if we should sell now or wait for a correction.
Bitcoin 30 Minute Chart
We got stopped on our short position, but our longer-term view remains bearish, so I am selling now at 70820 and will add at 71770 and 72160 with stops above last week's high at 73814.
Ethereum Long Term Chart
Last week we said ‘I am happy to sell now as we test the top of the channel at 2085 with stops above 2784. Expect an acceleration lower on a break of 1746.’ The ETH traded to 2329.
Ethereum Short Term Chart
Last time I said ‘We traded to 2167, then down to 2067 before trading higher again to complete a zigzag correction and then the end of wave (ii). If not short sell now, with stops remaining at 2210'. It turned out that it was only the first leg of a double zigzag, stopping just above the 76.4% retrace level, 2280, at 2329. I am happy to be short, so I am selling now and adding on a move up to 2234 and 2252 to complete wave c of (ii). Place stops above the wave (iv) high at 2385 or last week's high at 2330.
