Bitcoin
Last time we said :
'I believe we probably have a few more weeks drifting lower to compete this larger correction.'
Given the divergence in the MACD I believe a low will be in place soon and would rather buy on an hourly close above 35k to indicate that odds favour a low is in place,
We never traded above and sold off quite sharply as the UST stable coin got smashed.
Looking at the wave count We should see a new low below the wave(iii) 25424 with target area at 24590 and around the bottom of the channel and the 20k level. A move back above 35200 will be the fist indication a low is in place but e would look to start buying at the above levels. Once wave 4 is complete BTC should rally to new highs above 80k/
Ethereum
Last week we said
‘I believe we haven’t quite completed the sell off and am looking for a retracement to 2636 to complete wave (iv) before the final sell off.’
I was a little early calling the end of wave (iii) but the subsequent bounce appears corrective and I have relabelled the chart .
Whilst below 2500 we will continue to look for a final 5 waves lower, to complete the long term correction, towards the bottom of the channel and the 1540 target area.
