Bitcoin Long Term Chart
No change in our long term view with the second of the 3 waves lower underway. Once this wave (y) completes we will see a rally to new highs. If wave (y) is underway we should see a sell off in 5 waves to complete this leg of wave 4, with targets at 99550 and the bottom of the channel at 93660, where we should find support, lets see where in wave 4 we are.
Bitcoin Short Term Chart
Last time we said ‘We traded to 116760 and it appears we should have one new high above that level before the sell off to to the 86-94K levels. If long I would reduce position here and rebuy on dips.’ We traded up to 117962 making the new high we were looking for and so far it appears we have sold off in 3 waves and are retracing in a minor wave iv.
Bitcoin 15 min Chart
Breaking it down to the 15 minute chart it is easier to see the wave iv correction currently underway. Once completed sell now at the113200 and look to rebuy at the levels mentioned before or on a move back above 118k.
Ethereum Long Term Chart
The sell off we were looking for appears to be underway to complete the last leg lower of the wave 4 correction.We are currently testing the bottom of the channel so lets look to the short term chart to see if it is close to ending.
Ethereum Short Term Chart
Last time we said ‘Look to sell now at 4550 with a move above the wave 3 high and 5k level confirming the correction is over. Lower stops now to 4650 level as I continue to look for a test of the 4000 level to complete wave (iii). This does mean there is still a few more days of downside pressure with targets around the 3870 and 3550 and I will rebuild longs down there or a break now above 4650.
