Ripple and Bitcoin Cash Elliott Wave Cycles Point Recovery Ahead
We can see a new intraday decline following stock market sell-off, which can still belong to a higher degree wave »iv« correction within downtrend according to our primary count.
However, we are also still observing a secondary count, where Crypto market could be unfolding a bigger three-wave A-B-C corrective recovery, where current drop could be a pullback in wave B.
XRPUSD remains nicely bearish in the 4-hour chart as expected and we can see a quite clear impulsive decline, so bears are probably still in control, just be aware of a potential A-B-C pullback before the downtrend resumes, as five waves down can be seen. Ideal resistance is in the 0.80 – 086 area, but keep in mind that we remain bearish as long as the price is below 1.02 invalidation level.
Ripple 4h Elliott Wave Analysis
BCHUSD is making quite big intraday recovery, so wave 5 can be completed, but notice that it didn’t break below previous December 2021 spike low, so for now we are just observing a minimum three-wave A-B-C rally which can still belong to a higher degree correction within downtrend, while the price is below 544 level.
Bitcoin Cash 4h Elliott Wave Analysis