Price swing from ~$1.08 (March 5,2018) to ~$0.55 on March 18, 2018 has been identified in this analysis as a minor wave 3. Minute wave ((y)) is currently on and its termination marks the end of minor wave 4.
Minor wave 4 is shaping up so far as a zigzag (5-3-5) Elliott wave structure.
A 38.2% retracement to 50% retracement (i.e. ~$0.75 and ~$0.82 respectively) of minor wave 3 is expected to offer resistance and terminate minor wave 4. Projections for minute wave ((y)) include 100% wave ((w)), and 161.8% wave ((w)). These termination points are $0.73 and $0.83 respectively, and therefore increase the chances of XRPUSD terminating between 38.2% retracement to 50% retracement.
P.S. The use of “price swing” is used to indicate the direction of the trend (i.e. bearish in this case). Price swing does not imply an actionary or reactionary wave.
Price action from from Jan 25,2018 (~$1364.62) to March 20, 2018 at ~$1310.23 has been identified in this analysis as an intermediate wave (X). An intermediate wave (Y) upwards is anticipated to complete a zigzag Elliott wave structure.
The current upswing terminated at a minute wave ((iii)) position and a 38.2% to 50% retracement (i.e. between $1339.60 and $1336.59 respectively) is anticipated as the region of termination of minute wave ((iv)), after which XAUUSD (Gold) should resume its uptrend.
The minimum termination price for the current uptrend is ~$1387.85 where intermediate wave (Y) = 61.8% of intermediate wave W Projections based on using wave C of a zigag= 61.8% of wave A of a zigzag
P.S. Analysis is based on OANDA FX’s data and may vary slightly depending on your broker.
Bitcoin price swing from ~$11,508 on March 5, 2018 to ~$7381.50 on March 18, 2018 has been identified in this analysis as a minor wave B position. This implies a movement upwards for minor wave C.
Minor wave B terminating above the starting point of minor wave A indicates a zigzag Elliott wave structure.
Retracement of the current upswing from the March 5 low is expected to terminate between the 50% and 61.8% Fibonacci lines which is where support has been placed i.e. between $8249.10 and $8064.50.
POI (Point of invalidation of this analysis) is a price close below the 78.6% retracement ($7801.70) of the current upswing.
Common projections for the termination point of a wave “c” (based on a wave “a” of a zigzag structure) are 61.8% wave a, 100% wave a, and 161.8% wave a. The price associated with the following projections (i.e. target for minor wave C) are $10,845.48, $11,344.77 and $16,455.48 respectively.
Litecoin has been meandering ever since it hit a high of ~$252.86 on Feb. 20, 2018. A price channel has been used in this analysis to capture price movement for Litecoin since the above mentioned date.
The upper channel line was drawn to touch previous highs (at least two) and a parallel line was then drawn across price lows (also at least two since a valid trendline requires two points of contact).
A breakout above the upper line of the channel could the see price of Litecoin reach a target of ~ $220.67. This is calculated by vertically projecting the width of the channel onto the break out point. I used $120.29 as the bottom of the channel and $170.48 as the top of the channel here. Therefore $170.48 – $120.29 = $50.19. Adding this to the too ($170.48) gives $220.67.
Failure to close above the channel could see Litecoin return to the bottom of the channel at ~$120.29
The price of Ethereum from ~$867.20 (March 5, 2018) to ~$461.12 on March 18,2018 has been identified in this analysis as the termination point of a minor wave Y and intermediate wave (Y). These imply that Ethereum will sustain a bullish momentum, even if temporarily.
Patience is required because it is safer to start considering long (buy) positions only after a 3 wave (correction) move against the current upswing to further confirm that the previous downtrend is over.
Assuming that the price of Ethereum doesn’t close above its latest high (i.e. ~$590.11), long positions can be entered on a breakout above $590.11 after a 3 wave move from this pivot.
POI = Point of invalidation = price closing below $461.12.