Ripple and Litecoin Elliott Wave Cycles Approaching The Resistance

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Published: Aug 9, 2021, 12:15 GMT+00:00

We have seen some bigger recovery in the Crypto market, but we still see Cryptos approaching strong resistance zone, so still be aware of limited gains and watch out for a reversal down. However, to confirm resistance in place, we need to see a decline back below bearish confirmation levels.

Golden EOS Sign, against the backdrop of Binary code with tunnel

Ripple Coin, XRPUSD is coming down following Crypto market sell-off and we warned about that long time ago. We are tracking a complex W-X-Y corrective within wave (C) and there can be room for more weakness, as strong 0.40 – 0.20 support area is still waiting before bulls show up. However, any bigger recovery back above 1.10 region would be signal for a completed wave Y of (C).

Ripple Daily Elliott Wave Analysis Chart

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Litecoin, LTCUSD can be still trading within a deeper, higher degree AB-C correction that can send the price back to 100, maybe even down to 95 – 65 support zone, just watch out for more complex wave B which can be still a potential bearish running triangle pattern or maybe bigger flat that can retest 200 resistance area

Litecoin Daily Elliott Wave Analysis Chart

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.