Following Thursday's update, we have continued to grind higher within the channel and are looking for an acceleration higher towards the top of channel to complete wave (iii). Look to buy on dips with stops below 54'396, the wave iv low. One target to the topside is 63'613 and this move could be sharply higher to new highs above 65'000.
Last week we bought at 3'323 before trading to 3'369 and like BTC, we have been trading nicely within the channel. I would add to our position now at 3'500 and again at 3'285 with stops below 3'162. In the very short term it appears that we have completed the first wave of wave v higher. With an initial target at 3'897 followed by 4'024 and the top of the channel.
Written by Matthew Clark
