As mentioned last week I will:
‘remain bearish on BTC and whilst below $25'220 I will keep this view’
I have gone back to the hourly chart to show the possible completion of wave (iv) at the last run up to $21'466. A break of that level will mean that the last run up is only wave 1, but wave W is equal to wave Y in length at $21'480, so we almost have equality. 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.
Last time we said:
Use any pullback into the $1'481-$1540 area to buy ETH with stops below $1'325. The divergence in the MACD indicates that wave iii may soon be over once a new high is made. So look for a 3 wave correction in wave iv to buy at the above levels
The low we saw was $1'502 and since then rather than a 3 wave correction, it looks as if we are tracing out a triangle for wave iv. Leave stops at $1'325 with a break out of the triangle targeting at least $1'800 on the topside.