Bitcoin Long Term Chart
No change to last weeks view as the sell off we were calling for gets underway ‘I will remain bearish on the BTC for a push towards the 80K level.’ We traded to the 61.8% retracement level at 97240 and my view remains valid with stops at 103.7k. Look for an acceleration on a break out the channel.’ Next target to the downside is the wave iii low at 80553 followed by 76000.
Bitcoin Short Term Chart
Last time we said ‘with wave iv completed at 94785 before selling off. It appears that minor wave ii is complete so sell now at 90460 with stops above the high of wave iv or at the previously mentioned 103.7K. The move to 97922 should signal the end of wave (iv) and the overnight sell off adds weight to this view. I would stay short with stops above last weeks high 97922.’ We traded down to 86k in 5 waves to complete wave i. We should now retrace in 3 waves in to the 88.8K-90.5K level , the area of the previous wave (4). I am happy to sell there and lower stops to 97922 level looking for lower still in the coming weeks.
Ethereum Long Term Chart
Last time I said, ‘It appears we are tracing out a corrective triangle that should turn from below 3450 with confirmation that wave C is underway on a break below 2774. A move above 3450 will target 3629, and we would sell there with stops remaining at 3827. I believe this is the start of wave (d). We should stay above 2774 in wave (d) with the current low 2784, I expect to see a minor recovery in wave (e) to complete the bearish triangle toward the 3100 level before the sell-off resumes. I am happy to use last week’s levels in case we unexpectedly rally higher.
Ethereum Short Term Chart
Last time I said ‘wave (c) had ended, I am still happy to be short with stops above 3450. I would sell now at 3220 with stops at 3450.’ We sold off inline with a wave (d) as expected , if not slightly further than I expected. But whilst above the wave (b) low, I am looking for a zigzag rally toward the retracement levels to complete wave (e) before the sell-off resumes. Look to sell at 3020-3090-3165 with stops above 3445.
