Crypto Charts 11th Feb.

Bitcoin Daily Chart

No change from last week in the daily chart with the corrective triangle previously discussed  continuing to trace out.  Lets go to the hourly to see if wave (d) of the triangle is close to or already completed.

Bitcoin Short Term Chart

Last week we said ‘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.’

We rallied sharply to the 61.8% retracement level at 102497 and since then as mentioned we have seen some very choppy sideways action , which appears corrective so expect to see another push towards the 105k level to complete wave (d).

If not long buy now at 97800 with stops either at 90300 or I prefer last weeks level of 89300.

Ethereum medium Term Chart

Last time we said ‘ 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.’

This view remains valid and if not long buy now at 2650 as we test the bottom of trend channel. Using the wave 4 low as the stop level.

Ethereum Short Term Chart

Last time we said ’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.’

We got the hourly close I was looking for but spent the week drifting lower instead of accelerating higher. This leads me to believe that a larger correction was underway but given the count it appears we are close to ending. Buy now with stops below the wave (ii)  low as last week.