Crypto Charts 71

Bitcoin

Last week we said :

Look to buy on a pull back to the 19200 level placing stops below the weekend low at 17599.  If we are correct then we should see BTC trade to new highs in the coming months.’

We saw a pullback to 17599 which could have completed wave (1) , however we are saying that the initial sell off was wave (a) due to the divergence in the MACD.  Look to buy  at 19343 and  18745 level with stops remaining at 17599. If wave  (ii) is in place then this will be conformed on a break above 22k and we would look to buy on a break expecting BTC to start accelerating higher in an impulsive wave 3

Ethereum

Last week we said :

We are happy to be long and start accumulating  ETH with stops below last weeks low at 880. A move above 1300 will be the first confirmation that the trend has reversed and new highs are on the way.’ If we have seen the low then ETH should start to accelerate higher and as mentioned above I would to buy on a break of the 1300 level.

I think we are correcting still in an unfolding wave (2) correction and would look to buy at the retracement levels with stops below 1040 wave ii low. Given the divergence in the MACD and the fact that we have traded in 3 waves off the lows . I remain open to the view that this could be a correction in the still unfolding larger sell off. If this is the case a break of the 800 low will indicate a lot lower in the coming weeks.