I am closing the remainder of our position at current levels expecting to see a break of the 50k level to complete the first leg of a retracement. I then expect to see a bounce back towards the bottom of the channel before another sell off. It appears we are trading in a wave iv corrective triangle that should see a test down to the 47000 area . A break of 43000 will negate this current view with a larger correction underway. Whilst above the wave (a) look for Bitcoin to trade sideways between the above mentioned levels before pushing to new highs.
Ethereum rallied inline with expectations but the subsequent sell off never hit the buy level we mentioned last week. Like the bitcoin it looks as if we are in a corrective triangle whilst we trade above the wave (a) low, a break there will signal wave (iv) is tracing out a zigzag and should see a test of 1782 where we would look to buy with the long term potential still much higher. I would also look to buy now with stops below 1540.