If we get slow corrective rally with resistance around 1.75T and with 39k-40k GAP resistance on BTC CME chart, then we will consider wave 4 correction within uptrend. However, if we see bigger recovery above 1.82T and 41600 level on BTC CME, then we will have an overlap of wave A/1, which would mean that bulls could be still trying to kick in.
Bitcoin Elliott Wave Analysis
BTCUSD is showing first evidence for a potential bottom formation in the 4-hour chart, but because of three-wave rise from the lows only, we are observing a complex (W)-(X)-(Y) corrective rally that can send the price higher within wave (Y), especially if current decline is a corrective within wave (X).
Ripple Elliott Wave Analysis
XRPUSD is down again in the 4-hour chart, but for now we are still observing a complex (W)-(X)-(Y) corrective rise. However, keep in mind that recent rally was in three legs only and that it hasn’t reached June 2021 lows yet, current rally could be still as part of a three-wave correction of a bigger ending diagonal, especially it the price drops back below 0.60 region.
