Last time we said:
Sell in the $27'150-$27'890 area with stop and reverse above $28'500 looking for a test of the $22'380 level
We were looking for lower but luckily used a stop and reverse as we blew through the $28'500 level favouring the rally in wave 3 and ultimately a new high is underway.
It appears we have completed 5 waves up for wave (i) and are currently correcting in 3 waves. Look to buy at $28'900 and add at $28'100 with stops now at $25'800. Once the correction is complete we should see a sharp acceleration above $32k.
Last time I said:
‘There is no signals indicating that momentum to the downside is waning so whilst below $1'900 I will remain bearish. Look to sell in the $'1793-$1'833 area and the top of the channel with a stop and reverse above $1'900’
Like BTC we got stopped breaking out of the channel and leaving us to believe that wave (ii) is complete and in the medium term we should trade higher to new all time highs.
In the short term look for a correction into the $1'780-$1'815 area where we would look to buy with stops now raised on longs below the $1'620 wave (ii) low. Buy on dips as if correct this coming correction will provide us with the lowest level for several months ahead to buy.