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Bitcoin and Litecoin Elliott Wave analysis: More weakness in view

Bitcoin and Litecoin Elliott Wave analysis: More weakness in view
Gregor HorvatGregor HorvatWavetraders

BTCUSD is bearish since the price reached new ATH but only with three waves so ideally that was big wave B as part of a big flat or a triangle formation, with more weakness in view in the near future as rally from 43400 unfolded in three waves. A broken trendline will be another confirmation of further weakness.

Bitcoin 4h Elliott Wave analysis

Bitcoin Elliott Wave

Looking into Litecoin, Lower lows and lower highs is a nice and strong bearish trend that recently slowed down at 126.40 area. We see that as a corrective price action within downtrend, ideally a triangle in wave four so we should be aware of more weakness, maybe already from here after a minor drop below the triangle line. Downward projection is around 100.

Litecoin Elliott Wave analysis

Litecoin Elliott Wave

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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