Crypto Chart Feb. 3rd

Bitcoin medium Term Chart

Despite the sharp sell off when we look at the daily log chart it doesn’t negate last weeks view and I think doesn’t look quite as scary as the short term chart so gives a little perspective for the long term. Last time we said ‘Given the sell off today in the crypto space this doesn’t negate our bullish view with the possibility that the correction is still underway and unfolding as a corrective triangle.’

I have shown the new triangle and now lets look to short term chart to see if wave (c) is close to ending.

Bitcoin Short Term Charts

As we said last week ‘this bullish view remains valid whilst we trade above the 89.3K level. However my new preferred count in BTC is close to finish wave C slightly lower than this morning. The 61.8% level at 97141 and again at 94284 I would look to buy BTC .’

We traded down 91304 so we are long and will use the 89.3K level as a stop loss. If correct then expect to see some choppy sideways trading in wave (d) and (e). Buy now at 96800 or lower with stops at 89.3k.

Ethereum Medium Term Chart

Last time we said ‘ We are reversing in a wave ii that should end shortly, we will look to the short term chart to see. A break of the 2920 level doesn't not negate the long term view but a larger zigzag correction would be underway. Only a break of 2910 negate the bullish view.’

We can clearly see the breakdown on the move below 2920 reaching a low just above the stop level , at 2135. On a risk reward basis I am happy to remain long and buy on dips whilst above the wave 4 low.

Ethereum Short Term Chart

Well that was an expensive overnight move. Last time I said ’ A larger correction is playing out and as said a break of 2920 will call for a push towards the 2730 level . Buy at 2820 and add at 2720 lowering stop to 2600.’

So we got filled and stopped the whole time we slept last night. Currently trading at 2640 so I am rebuying now and will add on dips. I will also buy on an hourly close above 2700 with stops remain at 2110.