Bitcoin And Ethereum – Is The Low In?
Story by: Brian Fletcher
Bitcoin and Ethereum came into our target zone and are now bouncing nicely.
While the low could be in, we still favor lower to come after a larger bounce concludes the upside.
Fundamentals are interesting, but using sentiment manifested in Fibonacci price targets is the only way to determine support and entries into cryptocurrencies.
In my last article on Bitcoin, I stated that it was in the Buy Zone with a price target of $2,488-$4,175 and disclosed that we had gone long. In this article, I will provide updates to our price expectations going forward for Bitcoin and Ethereum.
Note that it is possible to count the downside structure complete in the crypto sector and that the low is now in, BUT we do not think that is likely at this stage. We are still expecting lower levels will be seen before the completion of this Minor Degree Wave 4, but not before further upside first. That said, however, we have been clear with our subscribers that the low could be in, hence our reason for taking a non-leveraged long position in BTC (BTC-USD). Below are our long- and intermediate-term expectations for price in BTC and ETH (ETH-USD).
Bitcoin
We are positioning for a move in Bitcoin up to a minimum of $31,677, and what seems more likely, a move up to $68,697 – see Bitcoin Weekly Chart below.
Bitcoin Weekly Chart
The question now is whether or not the low is now in. While it’s entirely possible the low is in, we still expect a bounce up to the $5,800 region, followed by a final 5th wave of C of Minor Degree wave 4 into the $2,669-$2,233 region. See Bitcoin Daily Chart below.
No fundamental observations at this time.
Original story by: https://seekingalpha.com/article/4242457-bitcoin-ethereum-low
by 