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Bitcoin (BTCUSD) 4hr tf analysis

Bitcoin price swing from ~$11,508 on March 5, 2018 to ~$7381.50 on March 18, 2018 has been identified in this analysis as a minor wave B position. This implies a movement upwards for minor wave C.

Minor wave B terminating above the starting point of minor wave A indicates a zigzag Elliott wave structure.

beetcoin graph

Retracement of the current upswing from the March 5 low is expected to terminate between the 50% and 61.8% Fibonacci lines which is where support has been placed i.e. between $8249.10 and $8064.50.

POI (Point of invalidation of this analysis) is a price close below the 78.6% retracement ($7801.70) of the current upswing.

Common projections for the termination point of a wave “c” (based on a wave “a” of a zigzag structure) are 61.8% wave a, 100% wave a, and 161.8% wave a. The price associated with the following projections (i.e. target for minor wave C) are $10,845.48, $11,344.77 and $16,455.48 respectively.

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Litecoin Price channel: 4hr tf analysis

Litecoin has been meandering ever since it hit a high of ~$252.86 on Feb. 20, 2018. A price channel has been used in this analysis to capture price movement for Litecoin since the above mentioned date.

The upper channel line was drawn to touch previous highs (at least two) and a parallel line was then drawn across price lows (also at least two since a valid trendline requires two points of contact).

LTCUSD price channel

A breakout above the upper line of the channel could the see price of Litecoin reach a target of ~ $220.67. This is calculated by vertically projecting the width of the channel onto the break out point. I used $120.29 as the bottom of the channel and $170.48 as the top of the channel here. Therefore $170.48 – $120.29 = $50.19. Adding this to the too ($170.48) gives $220.67.

Failure to close above the channel could see Litecoin return to the bottom of the channel at ~$120.29

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Ethereum (ETHUSD): Patience required (4hr tf analysis)

The price of Ethereum from ~$867.20 (March 5, 2018) to ~$461.12 on March 18,2018 has been identified in this analysis as the termination point of a minor wave Y and intermediate wave (Y). These imply that Ethereum will sustain a bullish momentum, even if temporarily.

Thereum

Patience is required because it is safer to start considering long (buy) positions only after a 3 wave (correction) move against the current upswing to further confirm that the previous downtrend is over.

Assuming that the price of Ethereum doesn’t close above its latest high (i.e. ~$590.11), long positions can be entered on a breakout above $590.11 after a 3 wave move from this pivot.

POI = Point of invalidation = price closing below $461.12.

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XRPUSD (RIPPLE) poised for a bull move? 4hr tf analysis

Ripple’s (XRPUSD) sell off terminated at ~$0.53 which is within the Weekly and Daily support area that I mentioned here.

xrp again

Price close at ~$0.53 has been determined to be a possible termination point of a minor wave C. Target area for the current upswing is shown here as between $0.77 and $0.82. Failure to move above this resistance could see price return to the support area between $0.57 and $0.41. If price closes and holds above $0.82 (upper range of the target area), XRPUSD could possibly reach ~$1.20

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Ethereum Classic (ETCUSD) not in the clear yet: 4hr tf analysis

Ethereum Classic (ETCUSD) sell off  from ~$42.14 on Feb. 20, 2018 to March 18, 2018 (~$14.51) has been identified as a minor wave degree that is not yet complete with Ethereum classic currently in a minor wave 4 position. The possible termination point of minor wave 4 is the vicinity of the fourth wave of the previous degree i.e. minute wave ((iv)) of minor wave 3.

This region coincides with a 38.2% retracement of minor wave 3. The target area for minor wave 4 as shown on the chart between 38.2% and 50% retracement of minor 3 i.e. between $23.57 and $26.37.

ETC 4hr

Price of ETCUSD holding at the mentioned target area should result in another sell off that should see Ethereum classic at least close at or below $14.51. The arrows as used on the chart are used to indicate the trajectory for the price of ETCUSD.

POI= Point of invalidation for this analysis is placed at $30.14 at which point minor wave 4 would have overlapped more than 61.8% of minor w3.