Crypto Charts 28th Feb

Bitcoin Daily Chart

Well the triangle correction that we believed  was unfolding broke   on Monday night with a bang  trading down so far to a low of 78225 in the retracement area and just breaking out of the channel.

Lets look to the short term to see if we are close to ending what is now a wave  4 correction.

Given the divergence on the MACD I should have been on alert for lower. Lets see in the hourly.

Bitcoin Short Term Charts

Last week we said ‘With our stops remaining at 91304. It does appear we have a slight new low again to come  below 94815. I will buy there and am,, happy to remain long leaving stops there but a break below does put this current bullish count in doubt. I will redo if this becomes reality.’ So happy to have stops in but our long term bullish view remains valid It looks in the short term we will push down one more time for a new low. I would use this level to start buying again. Place stops now at 69200 the wave (i) high on the previous chart.

Ethereum medium Term Chart

Last time we said ‘ Using the wave 4 low 2110 as the stop level.The low so far was 2548 so if not long can buy now at 2720. I  am not expecting a move below 2500 but if we do I will redo the wave count. Till then I remain bullish.’ We have taken out the low at 2110 so it changed the count. But we still remain long term bulls for the moment.

Lets look to short term to see if close to ending the wave 4 zigzag

Ethereum Short Term Chart

So taking the short term chart we can see that we have taken the 2110 level out so I have altered the count to show a zigzag formation.

Given the current wave count it would appear we still have further to go on the downside  and I expect to see a test towards the 1800 level and the bottom of the channel.