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ETHUSD bears in charge: Short tf (4hr) analysis

For those interested in my earlier post concerning EthereumUSD in a bear channel and projections, the post can be found here.

Ethereum 4hr analysis

The chart above shows an Elliott wave analysis for EthereumUSD. Price close of $672.10 on the 4hr tf has been identified as a possible Minute wave ((i)) position. It is possible that minute wave ((ii)) is not yet complete which is why I have put a question mark next to it. The implication of the above is that once minute wave ((ii)) is complete, ETHUSD should resume selling off in what would be minute wave ((iii)).

Target for the sell off could be a projection of minute wave ((iii)) = 161.8% minute wave ((i)). However I have not calculated this because it is possible that minute wave ((ii)) is not yet complete.

POI = Point of invalidation at which the analysis requires revision

 

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Ethereum classic (ETCUSD) requires patience: Short (4hr) tf analysis

The price swing for Ethereum classic (ETCUSD) from a price low of $14.00 (Feb. 6, 2018) to a high of $42.85 (Feb. 20, 2018) has been identified as a 3 wave zigzag Elliott wave structure. This corrective move is part of the sell off that began on Feb. 14, 2018 at ~$45.30.

The implication of the above is that the entire structure when complete should be a regular flat and the minimum target for the end of the move is $14.00. ETCUSD is currently in the last leg of the regular flat (an intermediate wave Y), where it appears to be tracing a 5 wave move.

Minor wave 3 is possibly not yet complete and still requires a wave ((iv)) and wave ((v)) after which Minor w 4 is expected to resume which could possibly also terminate in the region of the 4th wave of the previous degree i.e. w((iv)) of Minor wave 3.

ETCUSD

Minor wave 5 is then expected to complete downwards. The arrows on the chart are used to show the possible trajectory for ETCUSD.

Using the price projection for a regular flat, other possible termination points for Minor wave 5 are $10 and $4 before a bullish move can be sustained.

The other alternative scenario to the analysis above is that is quite possible that ETCUSD completed a 5 wave move from price low of $14.00 (Feb. 6, 2018) to a high of $42.85 (Feb. 20, 2018). This 5 wave move is most visible on the Daily tf of ETCUSD (not shown here). The implication of this is that ETCUSD will complete a zigzag move upwards and price should at least target the previous high of ~$42.85 of Feb. 20, 2018.

Target area as shown on the chart is between $28.49 and $27.05. For this analysis to be valid, the POI (point of invalidation) = $32

P.S.The use of a “price swing” in the comments above is used by the author to indicate the overall movement in price in a particular direction.”Price swing” as used above connects a price low to a price high or vice versa. It does not imply or is the same thing as an Elliot wave structure.

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XRPUSD not in the clear yet: Short tf (4hr) analysis

XRPUSD’s correction after making a high of ~$3.16 on Jan. 4, 2018 (Ripple) can be described as a double zigzag Elliott wave structure (A-B-C-X-A-B-C). Price action is currently in a minor wave C position (last leg of the correction that is not yet complete).

The implication of the above is that XRPUSD should continue to sell off. Weekly and Daily tf (not shown on this chart) support are present at ~ between $0.57 and $0.41 so perhaps a great probability that XRPUSD will target this support region.

XRP.png

Support as drawn on this 4hr tf chart is present between $0.66 and $0.75 which should be broken as part of the process of completing minor wave C position before any bullish move can be sustained.

This analysis will be subject to revision should XRPUSD close first above $0.98 (POI) before reaching the target area ($0.57 and $0.41).

POI = Point of invalidation at which this analysis will be reviewed.

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LTCUSD to possibly continue selling off: Short tf (4hr) analysis

I have updated and used the Elliott wave principle in this post to model the price action of LTCUSD. Chart patterns for LTCUSD annotated and the comments I gave can be found here.

LTC graph

Currently, LTCUSD is shaping up as a double zigzag Elliott wave structure (A-B-C-X-A-B-C). The implication of this is that the minimum target for LTCUSD is the price low of ~$106.52 made on Feb. 6,2018.

I have also indicated a possible entry point on the chart as I expect a quick bounce to the $201 area after which price should continue downwards.

POI = (Point of invalidation) i.e. I do not want to see price of LTCUSD close above ~$214. Price close above $214 would warrant a review of this analysis.

Using the ideal scenario above gives a risk of ~ $13 (i.e. $214 – $201)

Using the low of Feb. 6, 2018 as target for profit, reward= $201 – 106 = $95

Risk/reward ratio= $95/$13 = ~7.3:1

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OMGUSD has limited upside potential: Short (4hr) tf analysis

OmiseGO (OMGUSD) trended downwards after it hit a high of~$24.50 on Jan 7,2018 to the price low of ~$7.00 on Feb. 06, 2018.

Price swing from the high of $26.07 on Feb. 13, 2018 to the low on Feb. 06, 2018 is described in the 4hr tf as a corrective (A-B-C) Elliott wave structure (i.e. a correction). Price swing upwards from the low on Feb. 06, 2018 is currently completing another intermediary wave that has been labelled so far as another 3 wave move (W-X-Y) upwards, although not yet complete.

OMG

The use of projection of wave Y (in red) = 61.8% wave W (in red) gives a price target of $22.85. This is close to the target area indicated on the chart (between $23.26 and $24.52) and therefore increases the chance of OMGUSD reaching the target area.

The implication of entire Elliott wave structure upon completion of WXY (in red) is that OMGUSD should sell off with price reaching or moving below the low made on Feb. 06, 2018 (i.e. $7.00).

POI= Point of invalidation (Price should not close above $26.07 for this analysis to remain valid = $26.07) after which analysis will be revised.