Crypto Chart 77

Bitcoin

Last time we said:

Divergence in the MACD hinting that topside momentum is dropping we are looking for BTC to retrace lower in a wave (2) correction into the  22465-22990 area. Look to buy there with stops remaining at 20650.

The low so far was 20765 so we are still  long but given the wave count I think it is just a matter of time with a new low expected below 20k. A break below 17600 call for a much lower in BTC.

Ethereum

Last week we said :

Looking at the divergence in the MACD we should correct a little lower, or trade as a triangle in a wave 4 correction before making new highs above 2050. Remain long raising stops to the 1650 and 1550 levels.

Ethereum sold off a lot more than expected stopping us out and it appears we have further down to go. We are close to completing the first leg (a) of a 3 wave correction. We will wait to rebuy at the 1320 and again at 1150. Place stops at 880, a break there will put a lot more bearish view for the cryptos into play.