I continue the discussion on the possible shapes and patterns the 4 cryptocurrencies could take and possible outcomes. All 4 – BTC, ETH, ADA and LTC – seem to shape up and the targets are becoming clearer. Explanations to the charts = below.
BTC seems to be working on a classical bear flag that could possibly be broken down today/tomorrow. If this happens, 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 looks more aggressive than BTC. A long red candle today would be the first step towards the typical triangle/pennant target of $13 (thirteen). The Elliott Waves are more generous and offer the options of $1000 or $600.
ADA‘s shape could be a triangle (purple) or a flag (red). It would be more clear once the wave down is complete. Target for the flag – $0.45; the triangle – $0.18
LTC seems to be the only one working on a motive wave down (this is followed from its long term chart shared previously). If this is the case, wave 5 is expected to equal wave 1. Thus, the target area is $50-15.
Let’s see how the day closes today.
To be continued…