Crypto-currency is in the news with the past several weeks experiencing extreme price volatility.
Today, we look at two crypto-currencies: Litecoin (LTCUSD) and Bitcoin Cash (BCHUSD).
Litecoin, LTCUSD, dropped perfectly from a projected Fibonacci cluster target area (5th wave), so with current sharp and big decline in the 4-hour chart, it seems like a new three-wave A/1-B/2-C/3 reversal is now in play.
Ultimately, this could send the price of LTCUSD back to 136 or lower.
Litecoin 4-hour Elliott Wave Analysis Chart
Like many other cryptocurrencies, even Bitcoin Cash (BCHUSD) experienced a sharp decline on the 4-hour chart. This came after a 5th wave ended at a strong resistance zone.
Similarly, we are looking for a minimum three-wave drop to at least the 520 area for wave “c”. And if more ominous, perhaps even down to 385 for wave “iii”.
Bitcoin Cash 4-hour Elliott Wave Analysis Chart
Twitter: @GregaHorvatFX
The authors 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.
