Crypto Charts 19

Last week we said

‘The triangle pattern appears complete and if that is the case look for a close below 33900 the bottom of the triangle with a confirmation on a break of the wave D low at 33400.’

This morning we have completed all the above requirements and as such the bearish view is now our preferred scenario. Expect and acceleration on a break of the 30000 level with initial target at 27000. Whilst we remain below yesterdays high at 36700 we will look for opportunities to buy lower.

While we trade above 2175 the wave (ii) low the bullish case for Ethereum remains valid . We met a lot of resistance between 2840 and 2911 and we need to see an hourly close above this level to see an acceleration higher with initial target at 3198 followed by 3822. A more bearish view would be in play on a break of 2175 and is shown on the next page.

Here we can see a triangle set up like Bitcoin which calls for lower towards the 1400 level . We need to see an hourly close below 2183 to confirm this view. I would say this is my preferred view as I would expect to see another washout lower across the cryptoworld which will provide great buying opportunities at lower levels. A close above 2910 will negate this view as discussed previously.