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Bitcoin and Ripple eye higher: Elliott Wave analysis

Bitcoin and Ripple eye higher: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

Bitcoin, BTCUSD is showing first evidence for a potential bottom formation in the 4-hour chart, but because of three-wave rise from the lows only, we are observing a complex (W)-(X)-(Y) corrective rally that can send the price higher within wave (Y), especially if current decline is a corrective within wave (X).

Bitcoin 4h Elliott Wave analysis

Bitcoin Elliott wave

Ripple, XRPUSD is down again in the 4-hour chart, but for now we are still observing a complex (W)-(X)-(Y) corrective rise. However, keep in mind that recent rally was in three legs only and that it hasn't reached June 2021 lows yet, current rally could be still as part of a three-wave correction of a bigger ending diagonal, especially it the price drops back below 0.60 region.

Ripple 4h Elliott Wave analysis

Ripple 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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