Crypto Charts 53
![Crypto Charts 53](/content/images/size/w2000/2022/01/thumbnail-52-1.jpg)
Bitcoin
Long Term Chart
I am showing the long term logarithmic chart of Bitcoin going back to the start of this leg higher. We are looking for a low to occur soon to complete the wave 2 correction which should find support around the previous wave iv at $39'620.
We tested the $39'663 area earlier this month and whilst above there we will look for it to trade higher.
I would like to bring your attention to the alternative scenario which calls for a larger wave (4) correction that could take the form of a triangle (often seen in a wave 4) that could see us trade in a large sideways pattern for the year or take the form of a zigzag to new lows below $29'000 to complete the larger wave (4).
However at this point we remain bullish and will look to the shorter term charts for timings.
![](https://www.theassets.io/content/images/2022/01/btc-1.png)
Short Term Chart
We haven’t broken the $47'500 level we were looking for in the short term to confirm the larger bullish trend has resumed. But the break out of the channel in 5 waves means at current levels we are looking for it higher whilst we trade above this year's low at $39'663. Look to buy at the 61.8% retracement level at $41'900 and again at $40'800 with stops at $39'633.
![](https://www.theassets.io/content/images/2022/01/btc-short-term-chart.png)
Ether
Long Term Chart
The long term logarithmic chart for Ether shows a similar pattern to BTC. Whilst above $2'600 we will look for ETH to trade higher. A break below could indicate a test of the $1'700 level but lets look at the short term chart to see if the correction off the November highs is in place.
![](https://www.theassets.io/content/images/2022/01/ETH.png)
Short Term Chart
Looking at the short term chart we have completed or are close to completing the wave ii correction and look to buy in the $3'040 / $3'140 area where several retracements are situated. A break of $2'900 will negate the view but I will remain bullish until we break the longer term support level at $2'600.
![](https://www.theassets.io/content/images/2022/01/eth-short-term.png)
Written by Matthew Clark