I am opening a series of CryptoMusings that will discuss the possible shapes and patterns the 4 cryptocurrencies could take and possible outcomes. While BTC and ETH seem to show their formations, there is no clarity about ADA and LTC.
BTC seems to be working on a classical bear flag that could possibly be complete. The next few days would tell if BTC is determined to break the lower boundary or it could go for another swing to the upper one. If this is a flag, the most typical target for the down pole would be $6800. However, the Elliott Waves offer other options – $20000 and $14000. Time will tell very soon.
ETH seems to try to break out of a triangle/pennant pattern that was discussed a while ago. If it does not rally back today/tomorrow, the pattern would be considered complete. The target for the triangle would be $13 (thirteen). The Elliott Waves are more generous and offer the options of $1000 or $600.
ADA and LTC show some signs of different patterns, but their shapes are not as clear as the previous two. Today’s print of weekly candles would be crucial.
To be continued…