Happy New Year everybody !
Bitcoin
Last time we said:
The break out and close below the uptrend channel adds weight to the argument that the correction is over. Look to sell retracement into the $16'975 / $17'450 area with stops above last weeks highs for an acceleration to the downside and a move below $15'000
The high was $17'048 and if not short already look to sell in the next leg of the corrections in the $17'238/$17'668. Place stops above the December high at $18'400. Until that level break we remain on alert for new lows to complete last years brutal correction before the next leg to new highs get underway.
Ethereum
Last time I said:
Given the speed of the sell off I am favouring the downside whilst below last weeks high. Look to sell in the $1'230/$1'255 area with a close below $1'150 confirming wave 3 lower
We traded to $1'235 before trading back to $1'180. Given the tight range I believe we will have another leg higher to complete the correction above the $1'235 high. Look to sell in the $1'250/$1'276 area with stops above $1'360. As the last update a close below $1'150 should confirm wave (3) lower is underway and see an acceleration to the downside.
