Advertisement
Advertisement

Altcoins LTC/USD and DSH/USD Elliott Wave Cycles Approaching Support

By:
Gregor Horvat
Published: Feb 1, 2022, 12:20 GMT+00:00

Crypto total market cap made another intraday recovery, but looking at the whole structure, we actually see a sideways consolidation, which more and more looks to be a bearish formation.

Altcoins LTC/USD and DSH/USD Elliott Wave Cycles Approaching Support

In this article:

Crypto total market cap made another intraday recovery, but looking at the whole structure, we actually see a sideways consolidation, which more and more looks to be a bearish formation, so still watch out for that sell-off, while it’s below 1.88T level.

Major coins cover within 24 hours with Bitcoin 3.22%, Ethereum 8.10%, Ripple 5.26%, Litecoin 4.12% and Dash 6.26% at GMT 11:35 AM, the time of writing.

As per Elliott Wave analysis, Litecoin, LTCUSD remains nicely bearish in the 4-hour chart after we noticed a new higher degree wave (4) correction and with recent decline down to July 2021 lows and 100 level, seems like wave (5) of C is already in progress. However, wave (5) should be completed by a five-wave cycle of the lower degree, so be aware of slightly lower levels towards 90-70 area before we will see a bullish reversal.

Litecoin Elliott Wave Analysis

Chart, line chart

Description automatically generated

DSHUSD remains bearish in the 4-hour chart as expected, ideally for the final wave 5 of an ending diagonal pattern within wave C. In ending diagonals, each wave consists of three legs (A)-(B)-(C) and we can potentially see it final stages of a five-wave cycle within that wave (C), so ideally we will see bottom and bullish reversal from around 80-60 support zone

Dash Elliott Wave Analysis

Chart

Description automatically generated

 

About the Author

Gregor Horvatcontributor

Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.

Advertisement