Bitcoin
Last time we said:
We are now correcting in wave (ii) that might take us below last weeks stop levels. I would lower stop loss levels to below $18'900 and look to add to longs at $21'415, $20'283 and $19'200. Once this correction is complete I expect a sharp acceleration higher in wave (iii)
We traded down to $19'578 enabling us to add to longs are now looking for major wave (iii) to rally in 5 waves. With initial targets above $27k. Given the break out of the channel we will call; wave (ii) in place we can raise stops to last week's lows and use any pullbacks to buy if not already long.
Ethereum
Last time we were:
Allowing for the possibility of a deeper correction before wave (iii) gets underway. This will give us the opportunity to buy at $1'486, the 38.2% retracement level and the bottom of the channel but with a possibility even lower at $1'407. Lower stops now to $1'333. A move above $1'690 indicates next leg higher is underway.
We traded down to $1'370 enabling us to add to longs. We await the break out of the channel, so you could buy now and leave stops at last week's levels expecting an acceleration once we break out the topside of the channel.
