Crypto-currency is within the information with the previous a number of weeks experiencing excessive worth volatility.
Right this moment, we have a look at two crypto-currencies: Litecoin (LTCUSD) and Bitcoin Money (BCHUSD).
Litecoin, LTCUSD, dropped completely from a projected Fibonacci cluster goal space (fifth wave), so with present sharp and large decline within the 4-hour chart, it looks as if a brand new three-wave A/1-B/2-C/3 reversal is now in play.
Finally, this might ship the value of LTCUSD again to 136 or decrease.
Litecoin 4-hour Elliott Wave Evaluation Chart
Like many different cryptocurrencies, even Bitcoin Money (BCHUSD) skilled a pointy decline on the 4-hour chart. This got here after a fifth wave ended at a powerful resistance zone.
Equally, we’re in search of a minimal three-wave drop to a minimum of the 520 space for wave “c”. And if extra ominous, maybe even right down to 385 for wave “iii”.
Bitcoin Money 4-hour Elliott Wave Evaluation Chart
The authors could have a place within the talked about securities on the time of publication. Any opinions expressed herein are solely these of the writer, and don’t in any means symbolize the views or opinions of some other individual or entity.