Crypto-currency is within the information with the previous a number of weeks experiencing excessive worth volatility.
At present, we take 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 massive decline within the 4-hour chart, it looks like a brand new three-wave A/1-B/2-C/3 reversal is now in play.
In the end, 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 searching for a minimal three-wave drop to at the least the 520 space for wave “c”. And if extra ominous, maybe even all the way down to 385 for wave “iii”.
Bitcoin Money 4-hour Elliott Wave Evaluation Chart
The authors might 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 approach symbolize the views or opinions of every other individual or entity.