Bitcoin jumps sharply higher today as rebound from 53426 extended. The break of 55 D EMA (now at 62400) is taken as a sign that corrective pattern from 73812 has completed with three waves down to 53426. That came after hitting 38.2% retracement of 24896 to 73812 at 55126.
Sustained trading above 55 D EMA will strengthen this bullish case. Bitcoin should then target 73812 record high, and then 61.8% projection of 24896 to 73812 from 53426 at 83656.
Similarly, Ethereum’s corrective pattern from 4092.55 could have finished with three waves to 2797.60, after hitting 50% retracement of 1519.15 to 4092.55 at 2805.85. Sustained trading above 55 D EMA (now at 3333.45) would solidify this bullish case. Ethereum should then target 4092.55 high and then 61.8% projection of 1519.15 to 4092.55 from 2797.60 at 4387.96.
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