Crypto Charts 87

Crypto Charts 87


As mentioned last week:

A break below $20'045 and the bottom of the channel will confirm that new lows are expected in the weeks ahead and place stops above the wave (iv) high

The fallout from the FTX bankruptcy saw crypto sell off sharply. It is possible that we have seen the low but given the worries this morning regarding other crypto exchanges I think we will continue to see BTC under pressure for a final push to new lows to complete 5 waves down. A move back above $19'400 will confirm a low is in place. Initial support comes in at $15'060 where wave (v) is equal to wave (i).


We were stopped out of our long on a break of $1'325 so I have gone back to look at the daily logarithmic chart to see where we stand. Short term I can count 5 waves lower so it appears that the sell off may have completed wave Y of wave (ii).

Any move below last week's low should end above $880 and use that level as a line in the sand for the bullish view. If we do sell off with new worries over the exchange, then look to buy at the $1'000 level with stops below $880.