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Bitcoin and Ripple Find Bottom? Elliott Wave Analysis
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Crypto market is making some interesting recovery, but looking at Crypto total market cap chart, we can see only a three-wave rally for now, so it could be still a correction within downtrend, especially if we consider that stocks are still down.
Notice that Crypto made a weekend rally, which can be easily a bull-trap. However, there are definitely interesting support levels, so if we see a five-wave recovery in upcoming days, then we can easily confirm bulls back in play.
Bitcoin, BTCUSD is showing first evidence for a potential bottom formation in the 4-hour chart, but it’s too early to confirm the low and support in place. Currently we can see only a three-wave rally, which can still belong to an A-B-C correction, but if we see bigger recovery in upcoming days with five waves back to 52k level, then bulls could be back in the game.
Bitcoin 4h Elliott Wave Analysis
Ripple, XRPUSD is bouncing quite strongly and it’s showing first evidence for a bullish reversal, but keep in mind that it hasn’t reached June 2021 lows yet, so current rally could be still as part of a three-wave correction. However, if we see a five-wave rally back 1.0 area, then we can easily start tracking bullish scenarios.
Ripple 4h Elliott Wave Analysis
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.
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