So risk-off is having a bearish impact on cryptos as well but there’s still a chance for bounce and recovery.
Bitcoin Elliott Wave Analysis
Bitcoin the largest crypto currency is showing first evidence for a potential bottom formation in the 4-hour chart and seems like it’s unfolding a five-wave bullish cycle within higher degree wave (A). If that will be the case, then we can expect a bigger (A)-(B)-(C) recovery in upcoming weeks, we just have to be aware of a pullback in wave (B) before we will see more upside within wave (C).
Ripple Elliott Wave Analysis
Ripple XRPUSD the sixth largest crypto currency, is showing strong reversal up and seems like it’s unfolding five waves up that suggest a bullish reversal, especially if recovers back to 1.0 area.
