Bitcoin Medium Term Chart

Last time we said ‘that a wave (iv) lower was underway and  lets see if this correction is close to ending by looking at the short term chart.So lets see if this correction is close to ending.’

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. Lets look to the short term chart to see where in the triangle we maybe.

Bitcoin Short Term Charts

Last weeks charts remain valid whilst we trade above the 89.3K  level. However the lack of acceleration higher and the sharp sell off this morning puts into play my new preferred count that  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 .

As mentioned on the long term charts we remain bullish and are happy to rebuy on dips.

ETHEREUM LONG TERM CHART

Last time we said ‘its is clear that we are correcting before the final wave (v) of wave 5. Once wave 4 is complete we should see a sharp acceleration to the topside and new highs .Not too much to add to the long term buy you can see we tested the 61.8% retracement level before reversing.’

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.

Ethereum Short Term Chart

Last time we were bullish calling the end of the correction when we said ’I am buying now at 3087  and will add again  2950 again at 2770 with stops below 2600. I like to buy both  crypto pairs down here and start to build longs again on any further dips. We traded down t0 2928 right in to our recommended buy area. If not  long buy now as the topside is about to explode. Raise stops to 2700 now.’ A larger correction is currently 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.