Bitcoin and Ripple eye higher: Elliott Wave analysis

Gregor Horvat Wavetraders

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

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

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Author

Gregor Horvat

Wavetraders

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

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.