Bitcoin Cash and LiteCoin Are Looking Bullish! - Elliott Wave Analysis

Hello traders,

Bitcoin Cash is one of the strongest cryptocurrencies. We have seen a huge extension towards 350 area for wave "iii", where price slowed down into a wave "iv" correction that can look for support ideally at previous wave A/1 swing high, around 38,2% - 50% Fibonacci retracement and 230-220 level. So, once a wave "iv" fully unfolds, that is when we may see a continuation higher for wave "v" towards 400-430 area or higher. That said, as long as price is trading above 170 invalidation level, we will remain bullish.

BCHUSD, 4h

Litecoin is trading similar, and it made an extended wave towards 100 area, which we see it as part of wave 3. So, current consolidation can be only a part of a complex w-x-y corrective wave 4 which may look for support here around 38,2%-50% Fibonacci retracement and 70-60 area. Once it fully unfolds, this is when it may send the price back to the highs towards 105 - 115 area for wave 5. Anyway, we remain bullish as long as it's above 42 invalidation level.

LTCUSD, 4h

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