ALTcoins like Litecoin (LTC) and Bitcoin Cash (BCH) are on the rise and there appears to be more room for gains.
That said, I must note that Total ALTcoin market cap may be finishing a 5th Elliott wave. So, upside can be limited and traders should be aware of a reversal down soon.
Litecoin is currently breaking above its September price highs, and is making a bigger (A)-(B)-(C) corrective rally on a daily chart with room even up to 300 area. On the 4-hour chart, I see it trading impulsively higher, ideally as part of a five-wave bullish cycle within wave (C). While this bodes well for further upside, a move below 209 would invalidate this count.
Litecoin 4-hour Elliott Wave Chart & Analysis
Bitcoin Cash is trading sideways on a daily chart, ideally as part of a bearish triangle in wave (B) and we may see even more sideways price action to complete a five-wave A-B-C-D-E structure.
On the 4-hour chart, we are tracking wave “c” of C with room up as high as the 700 price resistance area. However, of course, according to daily count #2, I still see an alternative option for a bigger and more complex Elliott wave (B) correction that could retest the 800+ price resistance area… but let’s go step by step.
Bitcoin Cash 4-hour Elliott Wave Chart & Analysis
Twitter: @GregaHorvatFX
The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.g