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Ethereum Classic (ETCUSD) 4hr tf analysis

My previous post on Ethereum Classic can be found here.

It was mentioned in the post that Ethereum Classic was in a minor wave 5 position and more selling was to follow to complete minor wave 5.

Ethereum classic chart

Ethereum Classic is identified in this analysis as having completed minor wave 5, which also terminates an intermediate wave (C).

This implies that Ethereum classic will sustain an upwards momentum and the target area ( ~$20.78  and ~$20.07) set in this analysis is the region of the 4th wave of the previous degree i.e. Minor wave 4.

Point of invalidation (POI) of this analysis  (not shown here) is a price close below ~$10.00.

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Verge (XVG/BTC) 4hr tf analysis: Patience required

Price close of ~0.00000327 on March 18,2018 has been identified in this analysis as the termination point of a Primary wave degree i.e. wave ((X)) or an intermediate wave degree i.e. wave (C).

VERGE

Besides, minor wave W at ~0.00000985 on April 03,2018 is the latest pivot for XVG/BTC. The implication of the above is that minor wave X should follow after which minor wave Y will see Verge (XVG/BTC) move past its latest high (~0.00001044) on April 03,2018. A reactionary wave (or correction) from the most recent high would argue for higher prices in Verge (XVG/BTC).

 

Failure to establish a corrective wave from the most recent high means XVG/BTC should work its way back down and reach at least ~0.00000327.

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RIPPLE (XRPUSD) 4hr tf analysis

My previous post on XRPUSD (Ripple) can be found here:

Analysis of XRPUSD then called for a minute wave ((y)) back upwards to ~$0.74 for XRPUSD to finish a minor wave 4 position and then collapse for a minute wave ((v)). XRPUSD did not return for minute wave ((y)), but instead continued the sell off.

XRP

Price action at the time of this post appears to have completed a minor wave ((v)) which also = termination of minor wave 5. This implies that XRPUSD should sustain its current bullish momentum. A probable target for XRP is the region of the 4th wave of the previous degree ( i.e. minor wave 4) which has been identified in this analysis to be  between $0.69 and $0.72.

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Litecoin (LTCUSD) has hit a bottom? 4hr analysis

My previous post on Litecoin which called for prices to return to between $136 and $140 can be found here:

Analysis then was also anticipating prices to collapse and move below $100 for Litecoin. Upon reviewing the price action for Litecoin, it appears that minute wave ((v)) anticipated to terminate a minor wave C has indeed ended. Market action after April 1, 2018 also provides evidence with Litecoin now having just ended a minute wave ((iii)) position.

Litecoin graph

Minute wave ((iv)) is therefore anticipated next. A 38.2% and 50% retracement of minute wave ((iii)) by minute wave ((iv)) is used as the support area in this analysis (between ~$127.36 and ~$125.61) after which prices should resume its bullish movement.
The point of invalidation of this analysis (POI) is a price close below minute wave ((ii)) i.e. ~$116.55

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XAUUSD’s (Gold) descending triangle

The 4hr tf chart of XAUUSD (Gold) shows that price has been meandering ever since Gold made a high of ~$1,365.95 on January 25, 2018.

Monday Gold

The chart pattern that best describes the meandering price action of XAUUSD (Gold) since January 25, 2018 is a descending triangle. This chart pattern ideally has bearish implications, but not all the time. This implies that a breakout upwards for XAUUSD is also possible.

In either case, a downward breakout outside this descending triangle can see price of XAUUSD reach ~$1,247.95. This is calculated based on a downward projection of the width of the chart pattern and subtracting it from the breakout point (breakout in this case is ~$1306.95)

Width of the descending triangle is shown by the light blue line and is calculated by taking the difference between the high and low of price (i.e. $1,365.95 – $1,306.95 = $59)

In the case of an upside breakout, the width of the descending triangle ($59) can be added to the breakout point above the triangle. In this analysis, I used the breakout price of ~$1357.73.

Projection of termination of XAUUSD for a breakout above the triangle therefore = $59 + $1357.73 = $1,416.73

P.S. Analysis was carried out using FXCM’s data so projections may vary slightly depending on your broker.