Cryptocurrencies Bitcoin and Ripple Eye Further High: Elliott Wave Analysis

So risk-off is having a bearish impact on cryptos as well but there’s still a chance for bounce and recovery.

Bitcoin Elliott Wave Analysis

Bitcoin the largest crypto currency is showing first evidence for a potential bottom formation in the 4-hour chart and seems like it’s unfolding a five-wave bullish cycle within higher degree wave (A). If that will be the case, then we can expect a bigger (A)-(B)-(C) recovery in upcoming weeks, we just have to be aware of a pullback in wave (B) before we will see more upside within wave (C).

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Ripple Elliott Wave Analysis

Ripple XRPUSD the sixth largest crypto currency, is showing strong reversal up and seems like it’s unfolding five waves up that suggest a bullish reversal, especially if recovers back to 1.0 area.

Chart, line chart

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