There are no big changes in the Crypto-currency market. It is still in the neutral zone on an intraday basis.
That said, we can see a new intraday decline following the stock market sell-off, which can still belong to a higher degree wave iv correction within a downtrend (according to our primary count).
However, we are also still observing a secondary count, where the Crypto-currency market could be unfolding a bigger three-wave A-B-C corrective recovery, where the current drop could be a pullback in wave B.
In any event, let’s look at Ripple (XRPUSD) and see what Elliott wave analysis is saying.
XRPUSD remains nicely bearish in the 4-hour chart as expected and we can see a quite clear impulsive decline, so bears are probably still in control, just be aware of a potential A-B-C pullback before the downtrend resumes, as five waves down can be seen. Ideal resistance is in the 0.80 – 086 area, but keep in mind that we remain bearish as long as the price is below 1.02 invalidation level.
Ripple 4-hour Elliott Wave Analysis
Bitcoin Cash (BCHUSD) is another interesting crypto to monitor. BCHUSD is making quite big intraday recovery, so wave 5 can be completed, but notice that it didn’t break below previous December 2021 spike low, so for now we are just observing a minimum three-wave A-B-C rally which can still belong to a higher degree correction within downtrend, while the price is below 544 level.
Bitcoin Cash 4-hour Elliott Wave Analysis
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.