Bitcoin Weekly Chart
No change in the weekly view ‘I believe we could see a rally in a corrective wave (ii) before the long-term bearish trend reasserts itself. at least for a few days, I am looking for the BTC to trade higher. Nothing in the long term has changed I do not expect 82810 to be tested.’
Bitcoin Daily Chart
Last week we were looking for ‘a 3 wave correction into the 67.3k to 70.3k area. I would look to sell up there. A break below last week's low at 57742 would signal the correction is over.’ No change in the view , we need to look at the short term chart to breakdown the wave (ii) correction.
Bitcoin Short Term Chart
As you can see from the ghost arrow, last week's view, I was looking for a slight new high followed by a correction in wave (b) before a final push to test the 67315 area. This was the area of the previous wave (iv) and also the 38.2% retrace level. Wave (c) will be equal in length to the wave (a) just above 68582. I expect to see the BTC rally at any moment, if not long, buy now at 63k with a stop below 61k. Looking to sell at the above-mentioned levels.
Ethereum Long Term Chart
Last week I said, ‘It appears the wave (iv) is taking the form of a corrective triangle before the wave (v) lower gets underway. Longer term, we remain bearish.’ If we trade above wave A, the correction is taking the form of a standard zigzag correction. As you will see in the short-term chart, we have completed 5 waves up, so I am calling the correction over and am looking for lower.
Ethereum Short Term Chart
Last time we said ‘Given the failure to break lower, yet we have bearish divergence, I think we are in a wave (iv) triangle. I am happy to sell now at 1730 with stops above the wave A high in the short term at 1850.’ Theoretically I would have preferred the wave (c) to have traded slightly higher, but given I can count 5 waves higher and as yet haven’t broken 1850, remain short with stops remaining at 1850.
Ethereum 15 Minute Chart
Here I am showing the final wave higher and, despite a very short 15 minute chart, you can see we have divergence in the MACD, and today's sell-off engulfs the previous 2 days trading range. Look to sell on a correction back to 1800-1810 level to sell with stops above 1850.
