Crypto Charts 18

Last time we were considering 2 different scenarios and so far on a purely technical basis both views remain valid. Again I will wait for a confirmation to buy Bitcoin with a close above the resistance line (currently at 39100) . I would then add on a close above the 40866 and again at 42450 with stops below the wave 2 low at 33400. Initial target is around the 47850 level where wave iii will equal 1.618 times the length of wave i.

Given what we said last time

‘we can argue that wave (iv) is taking the form of a larger corrective triangle that should see us complete another up and down move between 30000 and the wave A high before breaking lower to new lows with targets around the 20000 level. I am on alert for a spike lower whilst below 42712.’

The pattern appears complete and if that is the case look for a close below 33900 the bottom of the triangle with a confirmation on a break of the wave D low at 33400.

Last time we said

‘Look buy around the 2300 level add around the 2000 with stops below last weeks low.’

We traded down to 2184 and whilst above there we will look for Ethereum to push higher. A break of this weekends low would signal a larger correction is underway and I would look to add to longs at 2000 with stops remaining at 1700.