Crypto-Currencies Archives - Elliott Wave Forecast

LTCUSD – Forecasting the wave (5) within second dimension correlation

January 10, 2023 By EWFRafael

One of the well known facts of the market are correlations between instruments. However that rule does not apply every time in every instrument. Here at Elliott Wave Forecast we call a first degree correlation when 2 instruments move together according to how they are related. For example everyone knows that if the USDX is weak then the counterparts like Gold or Cryptocurrencies need to move in the opposite direction. The opposite is called second dimension correlation. It occurs when the 2 correlated instruments do not move tick by tick the same and deviate the rule of first degree correlation. In this article we will see how we were able to forecast the wave (5) in LTCUSD while other cryptos remained weak.

LTCUSD 1 hour New York update 12.23.22

Litecoin was expected to start the next leg higher in wave (5) while above 61.15. While other related instruments were expected to remain weak. LTCUSD made the move higher and currently within wave 3 of (5). Let’s have a look on how it looks today.

LTC 1.10.23 1 hour Asia update

Now Litecoin is extending higher in wave ((iii)) of 3. Pullback soon in wave ((iv)) before ((v)) higher to end wave 3 in red. More upside should continue thereafter. As wave 4 in red pullback should find support for a wave 5 of (5) to end a larger degree cycle.
If you have a look at other related instruments the view looks different. This is because LTCUSD has been reacting in a second dimension correlation within it’s larger degree cycle.

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Elliott Wave View: AVAX Should Supported & Extend Higher

November 23, 2021 By EWFRaj

AVAX (Avalanche) is one the top cryptocurrency having market cap around $29B. In cryptocurrency segment, it is ranked 10^th by market cap having current price at around $128. Since June-2021 low, it rises more than 10 fold in the price, which shows the tremendous strength & trend in past few months.

AVAX Daily Elliott Wave analysis

Since September-2020, AVAXUSDT (Binance) started the higher high sequence & gains the initial momentum in early 2021. It favored ended the impulse sequence as I red at $60.30 on 2/10/2021 high started from 9/22/2020 low. Thereafter the larger correction of II unfolded & ended at $9.32 low on 6/22/2021. The correction was 0.854 retracement of previous wave I.

It gains the huge momentum in the sequence started from 6/22/2021 low. It favored ends the ((1)) at $79.80 high on 9/23/2021. While below there it ended ((2)) at $51.04 on 10/12/2021 as 0.382 retracement against the previous cycle. The next impulse is in progress & it is the part of ((3)). Within the current impulse sequence started from $51.04 low, it favored ended (1) at $147 high, while below there it favors lower as (2) correction. Wave (2) can do 3, 7 or 11 swings lower before turning higher again. In shorter cycle, the next equal leg area is $123.8 – $110.7, from where it expect to extend higher in next impulse or can see 3 swing bounce as connector before doing double correction lower in (2). We like to buy the pullback in 3, 7 or 11 swings lower for the next leg higher.

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Elliott Wave View: Ethereum (ETH) Attempts for New All-Time High

March 10, 2021 By EWFHendra

Short term Elliott Wave View suggests that the rally from February 28, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from February 28 low, wave (1) ended at 1658 and pullback in wave (2) ended at 1443.77. Internal of wave (2) subdivided as a zigzag where wave A ended at 1527.09 and wave B ended at 1602.45. Final leg wave C of (2) ended at 1443.77.

The crypto-currency has resumed higher in wave (3). Up from wave (2) low, wave ((i)) ended at 1597.27 and pullback in wave ((ii)) ended at 1513.72. Ethereum then extended higher in wave ((iii)) towards 1696.25, pullback in wave ((iv)) ended at 1630.39, and wave ((v)) ended at 1756.73. This completed wave 1 in higher degree. Pullback in wave 2 also ended at 1665.76. Ethereum has started wave 3 higher where wave ((i)) of 3 ended at 1858.85. Wave ((ii)) pullback is now in progress as an expanded Flat and while pivot at 1443.77 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

The all-time high is on February 20 high at 2040.62. Until Ethereum breaks above this level, a larger correction can’t be ruled out in the form of a double correction. A break above February 20 high however should confirm the next leg higher has started.