Bitcoin
Last time we said:
"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".
This morning we saw a low of 19526 just shy of the 76.34% retracement level. Looking at the MACD we can see clear divergence ( the green arrow) indicating that a low is in place or soon will be. Buy now with stops below the 17600 line in the sand level for the bullish outlook. A break above 20200 followed by an hourly close above the red trend channel will confirm the uptrend has resumed.
Ethereum
Last time we said:
"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."
As you can see we have sold off in 3 waves and are in the late stages of completing wave (c) . Happy to stay long and us ETH levels mentioned last week to add to the position. A break above 1520 followed by a close above the channel will signal that the wave (ii) correction is complete and the uptrend has resumed.
