Bitcoin
Last time we said for a push towards the $25'900 but noted that:
‘divergence in the MACD, the downwards sloping green arrow, adds weight to a larger correction lower is imminent so look to reduce longs at the target level and look to rebuy on the subsequent wave 2 correction. We remain long term bullish unless $16'400 breaks’
Whilst below $24'255, the wave (i) high, we are looking for lower in 3 waves. This will provide us the opportunity to buy. Retracement buy levels come in at $22'160, $20'880 and $19'850.
Add to longs at these levels with stops remaining at $16'400.
Ethereum
Last time I said:
‘ETH traded in a corrective triangle all week so we should see the move higher over the coming days with new targets towards the $1'900 level. As last week once complete we should see a correction lower enabling us to rebuy in the $1'380/$1'470 area with stops remaining at $1'230’
We traded to $1'710, short of our target area. As we remain within and above the the channel and the area of the previous wave 4 at $1'550 I will look for ETH to trade higher. A break below that level will indicate a larger pullback is in force.
