Bitcoin Weekly Chart
No change ‘On a weekly basis we continue to look for lower whilst below the wave (X) high, Lets look to the shorter term to see how far along wave (B) we are.’ We are testing the top of the trend line but we need to look to the lesser time periods to see if the wave (B) has ended.
Bitcoin Daily Chart
Last week we said, ‘I am showing the alternative view as well, which will come into play on a break above, what I believe is the wave (B) high at the moment. If we do trade higher from here, I will use that opportunity to sell around the top of the channel, followed by the retracement levels shown on the chart.' So we broke higher above what is now wave A in the chart and have tested up to the top of the channel and just short of the 50% retrace level at 78977. I am happy to sell at current level and add at 84.4k and 89K with stops remaining above the wave (x) high.
Bitcoin Short Term Chart
As previously mentioned, the break to new highs resulted in a larger correctio0n than expected. So, breaking down the short term chart to check the wave count, it appears we have to make a new high above last week's wave (iii) 78343. Look to sell on rallies at the levels mentioned in the daily chart.
Ethereum Long Term Chart
For the past few weeks we said ‘I am happy to sell now as we test the top of the channel at 2085 with stops above 2784. Expect an acceleration lower on a break of 1746.’ The ETH traded to 2465 and the top of the channel. If not short sell now with stops remaining at 2784.
Ethereum Short Term Chart
Last time I said ‘We traded to 2167, then down to 2067 before trading higher again to complete a zigzag correction and then the end of wave (ii). If not short sell now, with stops remaining at 2210'. It turned out that it was only the first leg of a double zigzag, stopping just above the 76.4% retrace level, 2280, at 2329. I am happy to be short, so I am selling now and adding on a move up to 2234 and 2252 to complete wave c of (ii). Place stops above the wave (iv) high at 2385 or last week's high at 2330.
