I have the weekly ETH:BTC chart here since 2015. In the last bull market ETH outperformed BTC from late 2015 to mid 2017 as the ratio rose from 0.00137 to 0.15297. I have shown what I think that 12345 impulse wave looked like. From mid 2017 to now, the ETH:BTC ratio has been in a bear market. I have shown the ABC projected pattern with a C wave ending probably...
Adam is illustrated in July. Eve was formed into August. Bitcoin now pushing up bullish out of this pattern.
Litecoin is about to blow through $100. There is a clear cup formed and the handle has formed the past couple of days. Bullish for Litecoin
1. The green support line since February 2019 low has provided support several times in April and is also now in play as support for Bitcoin. 2. The green support line which were the lows for waves (A) and (C) in this correction since June 26th. 3. The green support line for the double bottom at $9071 on July 17th and $9118 on July 28th. 4. The red...
This is a 5 wave impulse move that should stop at the resistance line from the $13868 top. I would expect then an ABC correction, then an impulse move over the resistance line, a move down to the resistance line to support, then a much higher move after that. This should occur by the end of July IMO.
Notice the peaks in the RSI are near equal at about 87 in the daily Bitcoin chart. The BTC price was higher each time, however. This is a sign of "exaggerated bearish divergence"; BTC was due for a correction based on this signal in the RSI when it peaked at $13868 on June 26th. The subsequent ABC correction, however, has created a "hidden bullish divergence"...
I believe the wave (4) bottom was in for BTC at $9651. Consolidation higher has occurred since then. The apex of the triangle is coming. I'm expecting a break out UP out of this triangle before the apex.
I could see how this corrective wave was going to develop late this morning into early afternoon. It looks like it will finish in the $10500 area. The 1.618 Fib extension of the move from $9651 to $12064 to maybe $10500 or so is about $14100 for the coming few days up to a week or so.
$9651 was the intermediate wave (4) bottom IMO. This move to $11500 is being followed by a normal correction. The 0.382 Fib retrace at $10800 looks like a logical place for the end of this correction.
My Elliot Wave analysis shows all the counts are in and the downtrend should be over now. Bitcoin has broken bullish with an impulsive move to the upside today.
LTC has broken to the upside virtually every time UP in this formation this year. It should break UP either tomorrow or Tuesday since they usually break about 75% of the way to the apex of the triangle.
Wave (5) is now in progress for LTC. The first two minor waves of this wave are complete. This is the beginning of the third minor wave. It should be fairly significant. The 1.618 Fib extension of the the first two minor waves could be hit in the third wave to $153.
4th wave should be complete; 5th wave incoming; it should be a big wave up especially since the halvening is in August. Last halvening in 2015 LTC went from $1 to $9 pre-halvening then corrected to $2 to $3 after the impulse. A similar move this time would be $22 in Dec 2018 to $180 in the next 2 months followed by an ABC correction in the summer back to $60 to $80.
Litecoin has pulled back significantly from $100 a few weeks ago. It is near the 38.2% Fib retrace of the move in early Feb to early March which was wave (3). Also the 50 dma has been providing support for LTC the last few months. I'm expecting a wave (5) for LTC to take it higher than $100 in the weeks to come. CrypotoSavy has a target of $121 which lines up...
Bitcoin is likely in a new bull market. I am expecting this impulse wave to test $6000 as resistance in Wave 1. Wave 2 should retrace a good portion of the gain since $3300 in February. Wave 3 should break $6000 after one more retest of $60000 as resistance. I'm then expecting a move back to $6000 as support. $10000 will provide some resistance. Eventually...
In 2015 Litecoin went from $1 to $8 in June-July. It then went into a long sideways consolidation move between $2.50 to $6 all the way to March 2017 for almost 2 years. Something similar has just happened in Litecoin this year as it has spiked from the Dec 2018 low at $22 to near $100 this week. I've illustrated that this pattern could be repeated. Litecoin...
In June 2015 Bitcoin's price rose over the 10 and 20 wma's. The 10 wma then crossed over the 20 wma. Bitcoin's price then in the next month rose to the 50 wma, about a 50% move. Now in 2019 Bitcoin's price has risen again over the 10 and 20 wma's. The 10 wma is about to cross over the 20 wma. Bitcoin's price looks like it may rise to the 50 wma in coming...
Litecoin (LTC) on the long term weekly chart is replicating the sideways consolidation move of 2015. In June 2015 LTC went over the $3.15 50 wma significantly and later came back to the 50 wma as support. LTC is now approaching the 50 wma again this year at $67. If it goes over it significantly and then retraces to the 50 wma as support, it tells me the...