I continue the discussion on the possible patterns and targets for BTC, ETH, ADA and LTC. All of them could make a reversal combo today if they close “as is” or higher. What would be the targets then? Explanations to the charts below.
Yesterday, all 4 completed the day with the undecisive doji candles that will be seeking for a direction today. Until the day closes today, this remains unknown.
On the charts I modeled the possible targets for the bullish and bearish paths if the closure today is decisive.
BTC seemed to be back to a classical rectangle formation. If broken upwards, the target would be 47000-51000. If downwards – around $20000.
For ETH, the bullish target would be $3000-3400. For the bears, there is still a chance to complete a triangle/pennant. If the hypothesis about triangle confirms, the targets are somewhat scary – a typical triangle/pennant target would be $13 (thirteen). The Elliott Waves are more generous and offer the options of $1000 or $600.
ADA seems to be shaping a rectangle, similar to BTC. Breakout targets:
– bullish – $2.73
– bearish – $0.15.
LTC seems to be the only one working on a motive wave down (this is followed from its long term chart shared previously). From the perspective of Fibonacci and Elliott Waves, the overall wave looks a bit short and would need to move at least to ~$75, ideally to $50 or $15. However, as the Market is always right, the wave could be truncated and, in this case, I would be looking for $260-$300 as the next target.
Again, as these are musings about possible movements, please treat them accordingly.
Let’s wait for the closures today.
To be continued…