Bitcoin Cash and Ripple Can Face A Reversal – Elliott wave Analysis

Intermediate

Bitcoin Cash made an impulsive rally, but still can be a part of a three-wave a-b-c regular 3-3-5 correction. We still think that Bulls are not ready yet, especially because of a bearish looking BTC and friends, so we assume that BCHUSD can be making just a bigger flat correction in wave 4 of a higher degree with resistance around 660 level. That said, be aware of a sharp reversal towards projected 300 support area, maybe even a bottom area. But, if BCH from any reason continues impulsively higher towards 900 region, only then we can consider that a bottom may be in place.

BCHUSD, 4h

4h bchusd nov 06 2018

Now looking at the intraday chart of BCHUSD, we can see a small bullish triangle in progress that can be a wave (iv), so just like Ripple we can expect another, maybe a final push into new highs and then we should be aware of a big decline!

BCHUSD, 1h

intraday bchusd nov 06

Below we also have Ripple and its intra-day look.

We have seen an impulsive rise on Ripple, but as you can see, it still can be a correction within a final wave (c) of b, right around projected resistance zone and if we respect correlations, then upside can be limited. So, watch out for a drop here around 0.53 area, just keep in mind that we need a five-wave decline away from 0.53 to confirm a bearish reversal!

XRPUSD, 1h

intraday xrpusd nov 06

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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