Bitcoin Weekly Chart
No change in the weekly view ‘whilst below the wave (B) high, then this bearish view remains my favored outlook.' A weekly close below 76250 should confirm the weekly trend lower.’ Lets look to the daily chart for clues if there we will be an acceleration lower shortly.
Bitcoin Daily Chart
For the last 3 weeks, we believed 'Wave (B) has either completed, or the recent sideways action is actually tracing out a triangle correction before one more new high towards the 92k and possibly a test of the 100k level before the sell-off resumes. But whilst below 87382, I will look for lower. Close, shorts and go long above and resell at the levels mentioned.' No real change as we remain on alert for the next leg lower. Given the bearish divergence, I expect a sell-off imminently.
Bitcoin Short Term Chart
In the short-term chart we said 'Sell now at 82620 with stops at 84275 or above the wave (B) high at 87375.' I have relabeled the wave count following the rally to 84838, just above the 61.8% retrace level. I am looking for a correction to the 81344–82010 area. Where I will sell the bitcoin with stops above last week's high or remaining at the wave (B) high.
Ethereum Long Term Chart
Last time, on a daily basis, we said 'I have relabeled the chart calling the recent low wave (i) and we are currently correcting in wave (ii). Let's check the short-term charts for sale levels.' As you can see from the red arrow, we corrected in line with expectations before selling off. So let's look at the short-term charts to see if they confirm this view.
Ethereum Short Term Chart
Last week I said, ' Assuming we are tracing out a zigzag correction, I am closing now at 2433 and will look to sell higher at 2500 and 2560, with stops remaining at 2776. A break below 2320 will confirm wave (iii) is underway.' We traded up to 2523 enabling us to resell , before breaking the 2320 level and testing 2281, to complete wave (i). Like last week, I am looking for a move slightly higher to 2373 ,21400 and 2430. I will sell at each of those levels with stops now above 2523 and the break of Saturday's low will confirm that minor wave (iii) is underway.
