Bitcoin Weekly Chart
Last week I said 'it appears we are close to or have finished 5 waves higher to complete the wave (B) correction. This count is, in fact, not much different than before, but does take into account the recent push higher.' We actually closed the week lower and, whilst below the wave (B) high then this remains my favored outlook.
Bitcoin Daily Chart
Last week, on a daily basis, we believed 'Wave (B) has either completed, or the recent sideways action is actually tracing out a triangle correction before one more new high towards the 92k and possibly a test of the 100k level before the sell-off resumes. But whilst below 87382, I will look for lower. Close, shorts and go long above and resell at the levels mentioned.' No real change as we remain on alert for the next leg lower.
Bitcoin Short Term Chart
In the short-term chart we said 'You can see the importance of the wave (B) high. I expect to see an acceleration to the downside on a 2-hour close below 82568. Until then, I am selling now at 86k, on a risk-reward basis. This could be the trade of the year.' We traded at 86668 before trading lower and closing below 82568, reaching a low at 80343. Since then, we have retraced in 3 waves and tested the 61.8% retrace level. If not short sell now, add at 85175 with stops remaining above the wave (B) high.
Ethereum Long Term Chart
Last time, on a daily basis, we said 'Given the bearish divergence in the MACD I expect to see an acceleration lower on a daily close below 2600.' On Wednesday we closed at 2540, confirming the bearish view reaching a low of 2405 before currently trading higher. Let's look to see where we are and any possible sell levels.
Ethereum Short Term Chart
Last Monday we said 'I am selling now at 2720 with stops above the wave 2 high at 2810.' As you can see sold off to 2405 and are currently retracing in 3 waves and tested just above the 50% level. Sell now at 2552, again at 2600. Leave stops at 2810 or slightly lower at the minor wave a high of the wave (ii) triangle at 2776.
