ALTcoins like Litecoin (LTC) and Bitcoin Money (BCH) are on the rise and there seems to be extra room for beneficial properties.
That mentioned, I have to observe that Whole ALTcoin market cap could also be ending a fifth Elliott wave. So, upside might be restricted and merchants ought to pay attention to a reversal down quickly.
Litecoin is at present breaking above its September worth highs, and is making an even bigger (A)-(B)-(C) corrective rally on a each day chart with room even as much as 300 space. On the 4-hour chart, I see it buying and selling impulsively greater, ideally as a part of a five-wave bullish cycle inside wave (C). Whereas this bodes nicely for additional upside, a transfer beneath 209 would invalidate this depend.
Litecoin 4-hour Elliott Wave Chart & Evaluation
Bitcoin Money is buying and selling sideways on a each day chart, ideally as a part of a bearish triangle in wave (B) and we might even see much more sideways worth motion to finish a five-wave A-B-C-D-E construction.
On the 4-hour chart, we’re monitoring wave “c” of C with room up as excessive because the 700 worth resistance space. Nevertheless, after all, in keeping with each day depend #2, I nonetheless see an alternate choice for an even bigger and extra complicated Elliott wave (B) correction that would retest the 800+ worth resistance space… however let’s go step-by-step.
Bitcoin Money 4-hour Elliott Wave Chart & Evaluation
Twitter: @GregaHorvatFX
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