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Ethereum (ETHUSD) bullish price channel update: 4hr tf

My previous post on the bull channel for Ethereum (ETHUSD) can be found here.

https://coinanalyst.investments/2018/04/30/ethereum-ethusd-bullish-channel-update-4hr-tf-2/

It was mentioned in the previous post that the next target for Ethereum (ETHUSD) to indicate a continuation of its current bullish momentum was ~ $737.36 and $763.47. Besides, Ethereum (ETHUSD) also reached Support 1 (~ 627.68 and $597.18 ) mentioned in the previous post before resuming the current bullish leg that has seen Ethereum (ETHUSD) advance towards $800.

Due to price action breaking the previous trendline and reaching support 1 mentioned in the previous post, the channel boundaries have been redrawn again to reflect a valid bullish price channel for Ethereum (ETHUSD).

Technical analysis of Ethereum using a 4 hour timeframe chart

The new target for Ethereum (ETHUSD) therefore is the upper region of the channel, which is ~ $818.71 and $839.68. Any retracement from the upper region of the channel would likely reach the bottom of the channel at ~$712.98 as indicated by the downward red arrow.

A break below the bottom of the channel should find support A between ~$674.52 and $646.24. A lower support (i.e. support B between $623.62 and $597.60) on a break below support A is another region that Ethereum could possibly target on a break below its channel.

A breakout above the upper line of the channel should be followed by a consolidation in the price of Ethereum (ETHUSD) before going long and/or adding to already established long positions. This ensures avoiding a possible fakeout breakout.

 

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ADABTC (Cardano) price channel: 4hr tf analysis

The recent bullish action in Cardano (ADABTC) from ~0.00002389 on March 21, 2018 till present date is captured in this analysis using a price channel. Price move upwards thus appears limited as shown by the upward red arrow as the upper target of the channel is ~ 0.00004324.

Technical analysis of Cardano using a price channel

Any consideration of a long position (i.e. buy) would require patience for Cardano (ADABTC) to successfully test the bottom of its channel which in this case is  ~0.00003617.

A slight break below the channel should meet with Support 1 (i.e. between 0.00003547 and 0.00003380) or Support 2 (i.e. 0.00003088 and 0.00002953) as shown in the chart. A break below support 2 could result in price of Cardano (ADABTC) further declining.

Alternatively, a breakout above the upper line of the channel followed by a consolidation in price = more upside momentum for Cardano (ADABTC).

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OmiseGo (OMGUSD) bears will soon crash the bulls’ party

The 4hr tf chart of OmiseGO (OMGUSD) from ~$7.77 on April 1, 2018 till present is identified in this analysis as 3 wave move  (corrective)Elliott wave structure that should end up as a zigzag once minute wave ((c)) is complete.   Termination of minute wave ((c)) based on this analysis would also result in the termination of a Minor wave degree.

Elliott wave analysis for OmiseGO (OMGUSD)

The implication of the above is that a sell off should follow that will either deeply retrace the uptrend from $7.77 or even close below $7.77.

The target area for the termination of minute wave ((c)) of OmiseGO (OMGUSD) is indicated by the horizontal green lines.

POI (point of invalidation) for this analysis (not shown here) is a price close above $23.57.

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Litecoin (LTCUSD) Elliott wave analysis: 4 hr tf

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

https://coinanalyst.investments/2018/04/26/litecoin-elliott-wave-analysis-4-hr-tf/

It was mentioned in this post that the price swing for Litecoin (LTCUSD) was either shaping up as a correction or just terminated a Minute wave ((iii)) position.

After further review, 7 swings in price action from ~$113.08 on April 10, 2018 to ~$165.47 (price close) on April 24, 2018 can be identified which indicates that there is a higher chance of the move been corrective as opposed to impulsive. 7 swings in price action is corrective in nature.

4 hour timeframe chart of Litecoin

The labels used in the analysis have therefore been adjusted accordingly to reflect the corrective mode, with a Minor Wave W used to reflect the termination of price at the mentioned price close of ~ $165.47. The implication of the above is that the price of Litecoin (LTCUSD) should head higher once the present correction (Minor Wave X) is complete. Possible regions of termination of Minor wave X includes

Support 1 which lies in the region of a 61.8% (~$133.17) of the previous price swing so there is a good chance that Litecoin (LTCUSD) will target this support area.

If not, a lower target (Support 2) is between ~$128.38 and $124.697.

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Elliott wave analysis of Ripple (XRPUSD): 4hr tf

My previous post is referenced below in order to keep track of the progression of Ripple (XRPUSD).

https://coinanalyst.investments/2018/04/26/ripple-xrpusd-4hr-tf-elliott-wave-analysis/

Ripple’s (XRPUSD) price action has remained in a sideways trend after it closed at ~$0.92 on April 20, 2018. The sideways price action is identified in this analysis to be a combination (W-X-Y) Elliott wave structure with Minute wave ((x)) currently ongoing as shown below.

Elliott wave analysis of Ripple using a 4 hour timeframe chart

The implication of the above is that a Minute wave ((y)) should finish downwards as indicated by the red arrow on the 4hr tf chart for Ripple (XRPUSD) before a bullish move can be sustained. This analysis favors Ripple (XRPUSD) targeting between 38.2% and 50% ( i.e. ~$0.74 and $0.70) as the Support area because this lies in the region of technical support for Ripple which is between ~$0.71 and ~$0.74 as indicated by the horizontal black line.

Point of invalidation (POI) is placed just above the high of ~$0.97 reached on April 24, 2018. POI in this case is a price close above $0.99.