Crypto Charts 44

Crypto Charts 44

Bitcoin

Bitcoin Short Term Chart

Last time we were looking for higher with

Target to the topside are now 65'320 followed by the top of the channel and 67'700, where wave v is equal in length to wave iii.

The high registered at 66'976 to complete the first wave higher and since then we have traded in a large range which I am interpreting as a corrective triangle that should see another leg down towards the bottom of the channel. I would look to rebuy BTC at 57k and at the 50% retracement level at 54k. A move above 63'706 will indicate a large zigzag correction that is underway and will take a move above 66'678 to turn me more bullish.

Ethereum

Ethereum Bullish Chart

We still remain long following the last update where

'If wave 2 has completed then we should see an impulsive move above 3'895 and an acceleration towards the top of the channel. Where I would start to reduce the position.’

This morning price action looks as if we are going to make new highs to complete the 5 waves up for wave (i). Once in place we should see a correction back to the 4'000 level possibly 3'600 which would provide another buying opportunity. Look to sell position on a test of the channel high around the 5k level.

Written by Matthew Clark