Bitcoin
Last time we said:
‘The acceleration higher we were expecting looks to be gaining some momentum this morning with the next target to the topside that will confirm wave (iii) is underway at $23'590. Place stops for half the position now at the wave (ii) low at $18'900 with the remainder staying at $17'599’
We traded to $24'275 to complete minor wave (1). I think we can trade a little lower to complete wave (y) with a push down into the $20'182-$20'960 area where we would be looking to add to longs with stops remaining at last week's levels.
Ether
Last week we said:
If not long I would buy now expecting ETH to accelerate higher in a wave (3) of iii, often the most impulsive leg of a trend. Look to add at $1'320 and again at $1'190 with stops just below $1'000
We traded to $1'644 to complete the wave iii and given the divergence in the MACD I am looking for a sell off into the $1'325-$1'400 area where we would again look to buy. Reduce longs at $1'270 and close all on a move back below $1'000. A break there would signal that a more bearish view for ETH will unfold over the coming weeks, till then remain long.
