Crypto Charts 3rd June

Bitcoin long Term Chart

Last time we said ‘remain bearish whilst below  109500.’ I was expecting a sharp rally however the lack of follow through now followed by the break out of the channel , combined with the bearish divergence , I am stubbornly remaining bearish but with the sell off from the top in 2 waves I would look to sell on a confirmation of a break lower with the possibility if we go back above 111k  that the last rally was just the wave i of 5. Lets look to the short term .

Bitcoin Short Term Chart

The BTC sold off in line with last weeks view. Given the sell off appears so far to be in 2 wave we need to see a push below the wave (1) low. This bearish view although rather contrarian to the market remain my favoured view and I would sell at 107k and 109k with stops above 113k. I would also look to sell on a break below 102k  with stop placed above the previous high.

Ethereum long Term Chart

Last time we said ‘I believe we have seen the high and  should now see the sell off that I have been expecting the past few weeks. A daily close below 2350 will confirm the bearish view.’ We have just ranged since the last update which is adding confidence in my bearish view. There remain good support around the 2400-2500 level. Lets see if there are any clues in the short term charts.

Ethereum Short Term Chart

In the short term whilst below the 2800 level we should see the ETH turn lower  with a break below the 2400 confirming the wave (iii) is underway. A break above the 2800 level then the next target will be 3050.