There are no major changes in the cryptocurrency market. It remains in the neutral territory on a daily basis.
However, we can see a new lower intraday following the massive sell-off in the stock market, which still belongs to a higher degree of IV wave correction within a downtrend (according to our preliminary statistics).
However, we also still note a minor number, where the cryptocurrency market could reveal a larger corrective recovery in three ABC waves, where the current decline could act as a B-wave pullback.
Anyway, let’s take a look at Ripple (XRPUSD) and see what the Elliott wave analysis says.
XRPUSD is still well bearish on the 4 hour chart as expected and we can see an impulsive drop quite clearly, so maybe the bears are still in control, just be aware of the possibility of an ABC pullback before the downtrend resumes, as five descending waves can be seen. The ideal resistance is in the 0.80 – 086 region, but keep in mind that we are still in a downtrend as long as the price is below 1.02 to invalidate.
Ripple 4 hour Elliott wave analysis
Bitcoin Cash (BCHUSD) is another interesting cryptocurrency to watch. BCHUSD is making a big intraday recovery, so wave 5 can be completed, but note that it did not break the previous December 2021 low, so at the moment we are only observing the 3-wave high of ABC which can still belong to a correction to a higher degree within a downtrend While the price is below 544.
4-Hour Elliott Wave Analysis for Bitcoin Cash
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The author may hold a position in the securities mentioned at the time of publication. Any opinions expressed here are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.