Bitcoin Weekly Chart
No change in the weekly view ‘whilst below the wave (B) high, then this bearish view remains my favored outlook.’ A weekly close below 76250 should confirm the weekly trend lower.’ We closed at 77795 and traded as low as 76269 this morning. I expect an acceleration on a weekly close below 76250.
Bitcoin Daily Chart
For the last 4 weeks, we have been working on the theory that ‘Wave (B) has completed and, whilst below 87382, I will look for lower. No real change as we remain on alert for the next leg lower. Given the bearish divergence, I expect a sell-off imminently.’ No change as BTC continues to make lower lows, and it appears we are at the start of wave (iii). Let’s look at the short term charts for possible sell levels.
Bitcoin Short Term Chart
In the short-term chart, we said ‘I have relabeled the wave count following the rally to 84838, just above the 61.8% retrace level. I am looking for a correction to the 81344–82010 area. Where I will sell bitcoin with stops above last week’s high or remaining at the wave (B) high.’ We traded up to 81877, enabling us to sell, place stops at 84900 , although I don’t expect it to trade above last week’s high, I would sell now and add on a pull back to 82k if not short already.
Ethereum Long Term Chart
Last time, on a daily basis, we said ‘you can see from the red arrow, we corrected in line with expectations before selling off. So let’s look at the short-term charts to see if they confirm this view.’ No change in our view as we expect to continue ETH to continue selling off in wave (iii).
Ethereum Short Term Chart
Last week I said, ‘I am looking for a move slightly higher to 2373, 2400 and 2430. I will sell at each of those levels with stops now above 2523 and a break of Saturday’s low at 2281 will confirm that minor wave (iii) is underway.’ We traded up to 2389 enabling us to sell at 2373 before selling off. I would look to sell now at 2264 with stops now at 2420 or remaining at 2523 depending on your risk profile.
