Bitcoin
Breaking to new yearly highs last week confirms that wave (v) is underway and we remain bullish for BTC in the coming weeks. It appears that a wave ii correction is underway and if it takes the form of a zig-zag look to buy at the $22'900 and add at the $22'300.
Place stops for short term trades below $20k. If correct once a new low has corrected below $23'300 to complete the 3 wave sell-off from the highs, we should see a sharp acceleration to the topside in a wave iii.
Initial targets are at $27'500 and the top of the channel.
Ethereum
Last time we nailed the ETH with a near perfect view when I said:
‘we can see that we are now close to completing 5 waves down to complete wave 4. Look to buy at $1'475, $1'415 and $1'355 levels. Whilst above $1'150 we will continue to look for higher in ETH’
The low was $1'463 enabling us to go long and if correct we can now raise our stops loss to that level. It is possible that wave (2) is already complete, if not look to add to longs at $1'602 and $1'570. Once the wave (3) gets underway we should see a sharp acceleration to the topside.
