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.
EOS.IO (trading as EOSUSD) is currently the 9th biggest cryptocurrency based on market cap as of today (10th of February, 2018). It is a decentralized blockchain technology and EOSUSD represents the price of EOS in US dollars. EOS made a high of $18.67 on Jan. 13,2018, afterwhich it began to sell off. EOS is currently completing a W-X-Y structure with the wave Y not yet complete.
POI marked on the chart = Point of invalidation.
EOSUSD completed an Elliott wave cycle (i.e. wave A labelled in red). This implies that any correction for now is too early for an uptrend to resume.
If EOSUSD holds the above scenario, EOSUSD should sell off and move well below $5.79
(price low made on the 6th of Feb. 2018) before any bull move can be sustained.
Black arrows on the chart are only to indicate the trajectory for price and are not price projections.
For further details on the chart, please feel free to contact me.
Disclaimer: This is for information purposes only. My opinions are my own. This should NOT be taken as a buy or sell recommendation
Litecoin is a global peer-to-peer internet currency developed with Block chain technology. It is an open source network, fully decentralized and allows instant near zero payments to anyone in the world. Litecoin sold off from a high of $375.00 USD on Dec. 19, 2017.
The current movement downwards which appears not yet complete can be described as a W-X-Y Elliott Wave structure.
Path of possible price trajectory is shown by the black arrow before Litecoin can sustain any bull move.
Disclaimer: This is meant for information purposes only.
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