Crypto Charts 10th June

Bitcoin long Term Chart

Last time we said ‘I am stubbornly remaining bearish but with the sell off from the top in 2 waves I would look to sell on a confirmation of a break lower with the possibility if we go back above 111k  that the last rally was just the wave i of 5. Lets look to the short term .’ I am showing this alternate view which will come into play on a move above 112K.

Bitcoin Short Term Chart

The BTC rallied against our expectations in what appears to be a corrective 3 waves .Last time we suggested ‘I would sell at 107k and 109k with stops above 113k. I would also look to sell on a break below 102k  with stop placed above the previous high.’ So we in fact broke 102k before trading up to  109K. So we are short with stops at 113K. As before whilst below this level we remain bearish.

Bitcoin Very Short Term Chart

If this view is correct then we can see that we will need to make another leg higher to complete 5 waves up that must stop below the 112k all time high set in May. As mentioned a break above will put the alternate view shown next into play.

Alternate Bitcoin Short Term Chart

Ethereum Long Term Chart

Last time we said ‘ There remains good support around the 2400-2500 level. Lets see if there are any clues in the short term charts.’ We were looking for a close below 2350 to confirm lower and we traded to 2386 before reversing. I am a little lost with new highs in BTC and ETH struggling behind but it appears we will make a high towards 3060 to complete wave (B) before the next leg lower.

Ethereum Short Term Chart

Last time we said ‘A break above the 2800 level then the next target will be 3050.’We have reached a high of 2798 this morning. I appears that for the last month we have been tracing out a corrective wave (iv) triangle, we should see a short sell off before a move back above 2800  to complete wave (v) before a longer term top is in place.