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Elliott wave analysis of Ripple (XRPUSD) 4hr tf

Previous post on Ripple (XRPUSD) can be found here:

It was mentioned in the previous post that Ripple (XRPUSD) would likely resume an uptrend after consolidating above Support area 2 which coincides with the 0.618% retracement of the uptrend from ~$0.47 to a price close of ~$0.87 on April 20, 2018.

Wave analysis of Ripple (XRPUSD)

Price action from ~$0.66 on May 11, 2018 till the time of this post is shaping up to be a regular flat Elliott wave structure. Completion of the structure should see XRP target between ~$0.74 and $0.77. Also adding to a bearish scenario is the presence of the 38.2% (~$0.75) retracement coinciding with the Target area as shown on the chart.

The implication of the completion of the Elliott wave structure implies that more selling awaits XRPUSD. Any consideration of a long (buy) position is safer on a breakout about ~$0.81which is marked as POE (point of entry) on the chart.

Point of invalidation (POI) for the current analysis is placed below support area 2.

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Breakout of bear channel for Cardano (ADABTC): 4hr tf analysis

My previous post on Cardano (ADABTC) mentioning its change from a bull to a bear channel can be found here:

Cardano (ADABTC) instead of moving to reach the bottom of the bearish channel at ~0.00002514 is holding around the region of previous support (dotted blue lines) that was the support for Cardano (ADABTC) from a couple of weeks ago.

Cardano (ADABTC) bearish price channel

A price break out of the bearish channel on May 16, 2018 implies a potential upside for  Cardano (ADABTC). However based on the current sidetrending price action that saw Cardano (ADABTC) close below  its breakout of the bearish channel, it is better to be patient to see how price action further transpires before attempting a bullish trade. The ADX as shown in this analysis has a negative slope further confirming the trendless scenario of price action for Cardano (ADABTC).

The point of entry i.e. POE 1 and POE 2 from last week’s post as still favored in this analysis as good entry points for a long (buy) position for Cardano (ADABTC). POE 2 is a more conservative point of entry into a long (buy) position than POE 1. Either point of entry ensures that one is to attempting to pick a price bottom in Cardano (ADABTC) which can be a tougher challenge.

Support indicated by the horizontal green lines from last week’s post still stand and is expected to offer support should Cardano (ADABTC) resume a bearish swing.

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OMGUSD (OmiseGo) wave analysis update: 4hr tf

My previous post on OMGUSD (4hr tf) can be found here:

It was mentioned in the previous post that a price close below ~$12.50 favored a bearish scenario for OmiseGo (OMGUSD).  Price swing downwards from ~$17.82 on April 26, 2018 is therefore identified in this analysis to be a triple zigzag Elliott wave structure (W-X-Y-X-Z) that is not yet complete as we are in the last leg of the structure i.e. Wave Z.

OMGUSD (OmiseGo) Elliott wave analysis

The horizontal red lines on the chart from the previous post mark the region that is still favored for the termination of wave Z, before any bullish momentum can be sustained by OmiseGo (OMGUSD).

The point of invalidation (POI) of this analysis is a price close above ~$16.05 at which point OmiseGo (OMGUSD) would have invalidated the proposed Elliott wave structure.

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Verge (XVGBTC) wave analysis: 4hr tf

Price action from ~0.00001419 on April 17, 2018 till present date is identified in this analysis as an ongoing corrective (3 wave) move for Verge (XVGBTC) that not yet complete. The downtrend is described here as a possible zigzag Elliott wave structure. A minute wave ((c)) of the structure (last leg) that is currently ongoing should see the price of XVGBTC further decline.

Elliott wave analysis of Verge (XVGBTC)

The earliest price target for XVGBTC based on the zigzag structure for minute wave ((c)) is ~0.00000524 or 0.00000281 at which point minute wave ((c)) would = 100% minute wave ((a)).

Any upward move in the price of Verge (XVGBTC) should find resistance at the target area shown on the chart (between ~0.000000836 and 0.000000765).

The ADX as shown here with a negative slope indicates a consolidation or sidetrend in Verge (XVGBTC). Patience is therefore required to see how price action further transpires as opposed to selling immediately.

The point of invalidation (POI) for this analysis is a price close above  ~0.00000951, which is just above the high of price on May 3, 2018 at ~ 0.000000945.

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Litecoin (LTCUSD) bears are lurking: 4hr tf wave analysis

My previous post for Litecoin (LTCUSD) can be found here:

Price of Litecoin (LTCUSD) is currently holding just above support 1 (between ~$133.49 and ~$131.31) indicated in the previous post and also shown here. Price swing from ~ $180.18 on May 6, 2018 to ~$134.40 on May 12, 2018 is identified in this analysis as a W-X-Y (double zigzag) Elliott wave structure.

Elliott wave analysis of Litecoin (LTCUSD)

The implication of the above is that Litecoin (LTCUSD) should continue to sell off once the current correction is complete as indicated by the by the blue arrow.  The current corrective move in Litecoin (LTCUSD) is assumed at the time of this post to be shaping up as a regular flat Elliott wave structure.

The target area for Litecoin before a sell off is anticipated is shown by the horizontal green lines. Price labels have been put beside each line to indicate its value. Sell off would be expected to at least break below support 2.

The point of invalidation of this analysis is ~$168.00 at which point wave C of the regular flat would have moved ~200% of wave A which is unacceptable.