This H+S has been staring me in the face for the last 10 days already so its time I made a chart about it.
As you can see, price since $13900 has been in a corrective wave pattern. That 3rd lower high at $12274 has dropped the price to the neckline of this H+S monster. I was expecting a bounce on the daily 100 MA to around the $10800 - $11000...
I am looking at Litecoin LTC from an Elliot Wave perspective in this analysis. From my count LTC has started its main wave 5. Price looks to have completed 5 waves up to make primary wave 1, we are now inside primary wave 2 retrace. I am expecting to see an ABC or ABCDE type retrace to the area marked in red. This area coincides with the weekly 50...
I have been looking at XRP for a while now. There was a hint of optimism mid June that XRP was finally having some kind of bull run. It was printing bullish impulse waves, everything was looking OK but unfortunately, as with all bullish runs with XRP it ends up retracing right back to its main support level, again, and again, and again.
Bitcoin is making a Head and Shoulders on the 2hr chart.
Validation of this chart pattern would be a break of the neckline with increased sell volume .
This looks to be a Wave C retracement leg. Price could retrace to any of the fibs on this chart. I have put the Weekly 100 MA in pink at the bottom as a guide.
My Elliot Wave count would suggest EOS has completed its primary wave 4 retrace to the Daily 200 MA and also to the Weekly 50 MA. These key moving averages should act as support for the next wave up.
My wave 5 target would be at the top of the channel, there is a fib cluster and previous pivot high there. It looks "normal" in terms of an Elliot...
Litecoin is forming an obvious Head and Shoulders. Validation of this chart pattern would be a break of the neckline with increased sell volume. If this happens then some targets are on the chart.
My EW count would suggest EOS is in the middle of a wave 4 retrace and currently looks to be inside a descending triangle/bear flag. My target for this wave 4 retrace is the Daily 200MA.
Nearer the time I will be looking for oversold conditions on the RSI and change of momentum to help further identify the bottom of this corrective leg.
My EW count would suggest we have had 5 impulse waves up with the top of wave 5 being $13810 on Coinbase.
I am now expecting an ABC correction and I think we are in wave C which is normally the most dumpy leg of a correction.
When it comes to the time, looking for oversold conditions and a bullish change of momentum on the RSI near these levels...