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 & AnalysisÂ
Twitter: @GregaHorvatFX
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