The 3 wave move in IOTA from a price high of $5.80 made on Dec. 19, 2017 to a price low of $1.20 (Feb. 6 2018) can be described as a WXY Elliott wave structure. IOTA will possibly move back up as a 3 wave move or an impulse move. Either scenario calls for a bull move in IOTA. Besides, price breaking and closing above the downtrend line as shown on the chart also supports a bullish case for IOTA
Possible price target area or Point of entry is taken as $1.85 as the current move from the low of Feb 6 is shaping up possibly as a leading diagonal (wedge) so a quick deep in price action will be used as a point of trade entry.
POI = Point at which this trade scenario is no longer valid = $1.20
The minimum target area for IOTA is between $4.02 and $4.23
Assuming the scenario above is IDEAL and prices deep quickly to the $1.85 area,
Risk on the trade = $1.85 – $1.20 = $0.65 cents
Potential Profit = $4.02 – $1.85 = $2.17
Risk/reward ratio = ~3.4
Monero move sold off from a high of $477 on Dec. 20, 2017 to a low of $151.54 on Feb. 6 2018 in what can be described as a WXY Elliot wave structure. This 3 wave move should be followed by another 3 wave move upwards or the start of an impulsive move upwards that can see Monero move past its old price high of $477.
POI = Point of invalidation at which price ($203.02) this analysis is no longer valid.
Etherium classic seems to have moved sold off from its previous high of $47.249 made on December 14 2017. The sell off shaped up as a WXY Elliot wavestructure. The move back in Etherium classic signifies either a resumption of a trend (bull) in Etherium classic or a 3w move back up. This implies a move back up in the price of Etherium classic.
POI = Point of invalidation at which point this analysis is no longer valid. Arrows are used to show the possible path of price movement.
Cardano, the 5th biggest cryptocurrency based on market capital has been selling off against Bitcoin ever since it made its high of 0.00009180 btc on Jan. 4, 2018. The current sell off in Cardano (ADABTC) can be described as a WXY Elliott wave structure after the end of an Elliott wave cycle (i.e. Wave w in red).
The long term trendline (green color) of ADABTC is also shown on the chart. A Daily close below the trendline is also another reason to believe that the sell off will continue in ADABTC.
Target area (support) is between 0.00002621 and 0.00002178 as shown by the blue lines on the chart. A 100% projection of Wave Y based on Wave W i.e. ((W)) gives 0.00002768 which is marked on the chart with the orange line. This is close to the support area and blue and therefore gives a higher chance of ADABTC selling off to reach this target area.
Bitcoins, the world’s #1 cryptocurrency based on market cap has sold off ever since it made a high of $19,187.78 on December 17, 2017. The current downtrend as shown on the Daily tf is a WXY Elliott wave structure with price action currently in a descending wedge for the wave [[Y]]. It appears that there is one more leg downwards i.e. w before any bull move can be sustained.
POI = Point of invalidation. A descending wedge allows for w to overlap w. However, I do not want to see that happening to make this analysis valid.
Wave Y = ~238.2% Wave W is acceptable for a WXY structure. This gives a target area of ~$4808.46. The other likely targets of Bitcoin are also marked on the chart (very close to the $5,000 area). Arrow shown on the chart is not a projection. I used it to show the possible trajectory for the price of Bitcoin
Disclaimer: This is meant for information purposes only. My opinions are my own and this should NOT be used as a buy or sell recommendation.