Bitcoin is still in an intraday consolidation which more and more looks like a corrective movement, so be aware of a break into new lows ahead.
4-hour chart, BTCUSD is came nicely down, but it’s still trading at neutral zone. We are still looking for wave C or 3 and now it’s at key area for wave C, but only in case if we see strong rebound and recovery back to 49k, only then bulls could be back in the game. However, at this stage still be aware of a continuation lower within wave 3 towards 32k-30k area
Bitcoin 4h Elliott Wave Analysis Chart
XRPUSD is trading into bearish territory for now. But, if we see strong recovery back above 1.13 region, then we will have to start considering a completed correction within uptrend and bullish continuation.
On 4h chart Ripple, XRPUSD is still down, but still at key zone for wave (C), so in case if XRP suddenly starts recovering back above 1.25 region, then bulls are still in control. However, now when the price is still at the lows, we have to be aware of a bearish continuation, maybe as part of a leading diagonal labeled as Alternate count or maybe within wave (3) which can push the price even down to 0.50 area or lower.
Ripple 4h Elliott Wave Analysis Chart
This article was originally posted on FX Empire
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