Dogecoin Elliott Wave analysis

Bitcoin slows down & makes three wave rise
Altcoins trade at strong intraday trendline resistance
Dogecoin bottomed or complex correction still in progress?

Gregor Horvat Wavetraders

There is no big changes in the Crypto currencies market. Despite recent recovery, we see slow price action and three-wave corrective rise on Bitcoin, which can be telling us that bulls have hard times and that bears are still in control as long as major ALTcoins are trading below strong intraday trendline.

DOGEUSD made a nice bounce, which can be a signal for a completed wave »c« and a-b-c correction from the highs. But, considering that Bitcoin has only three waves up and that ALTcoins are trading at strong intraday trendline resistance, we have to keep an eye on second count, where a complex w-x-y correction from the highs can be still in progress as 0.13 strong support level is still open.

Dogecoin 4h Elliott Wave Analysis Chart #1

Dogecoin 4h Elliott Wave Analysis Chart #2

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Author

Gregor Horvat

Wavetraders

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

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