Cryptocurrencies like Bitcoin and Ripple appear to be sliding in a final Elliott wave trading move lower. And there is a lot of global news happening right now.
World markets are down following Russia’s attack on Ukraine and cryptos have followed suit with volatile trading.
Bitcoin (BTCUSD) is sharply and impulsively down on its 4-hour chart, which means that bears are still in control. BTC is now probably headed back below its July 2021 lows near the $30,000 level. I will be looking for strong support to emerge at some point below this level where we will see a completed five-wave cycle lower within overall wave (5).
Bitcoin 4h Elliott Wave Analysis
Ripple (XRPUSD) is headed lower on the 4-hour chart. As I’ve warned about, this looks like a bigger ending diagonal is still in progress and XRP is now probably on the way back to June 2021 lows and below 0.50 level for the 5th wave. I will be looking for the strong support in the 0.50 – 0.30 zone. I am actually tracking a five-wave bearish impulse within wave (C) of 5.
Ripple 4h Elliott Wave Analysis
Twitter: @GregaHorvatFX
The author 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.
