Last time we said
‘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 pushing to new highs.’
We stopped at 47070 and have since bounced of the lows in what I expect to be the first leg higher. Look for a pull back to the 51000 level where we would buy with stops below 43000 expecting a test of the 60000 level and the bottom of the channel.
Ethereum is trading within last weeks view
’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 zigag 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. ‘
Whilst we trade below 2643 I expect to see a sell off towards the 2300 level where we would add to longs. I am cutting half the position now to rebuy lower or on a break of the 2643 with stops remaining at 1960.