Bitcoin and Ripple Elliott Wave Cycles Approaching Resistance

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Published: Aug 23, 2021, 10:52 GMT+00:00

Bitcoin, BTCUSD is in the recovery mode after we noticed a five-wave decline from the highs as part of the first leg A, so now we are tracking an A-B-C flat correction within wave B that can find the resistance soon, ideally here around 50k-55k area.

Group of golden Bitcoin coins arranged in a grid

Bitcoin Daily Elliott Wave Analysis Chart

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However, just in case BTC. Dominance kicks in and if we see much bigger recovery, then also keep an eye on alternative count, where A-B-C corrective decline from the highs can be completed.

Bitcoin Daily Elliott Wave Analysis Chart

Ripple, XRPUSD made a bigger recovery, but we still see it as a correction, probably as part of wave B of (C), so be aware of a reversal down again, ideally here around 61,8% – 78,6 Fibonacci retracement. However, even if a higher degree wave (C) is completed labeled as ALTernate count and if current recovery is already wave (D), then we still need to see another, maybe final slow down for wave (E)

Ripple Daily Elliott Wave Analysis Chart

About the Author

Gregor Horvatcontributor

Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.