Ethereum/Bitcoin Elliott Wave Analysis
Gregor Horvat | Sep 01, 2021 07:53AM ET
Cryptocurrencies are still at the intraday highs, some of them, like Ethereum, jumped into new highs and something similar may happen to Ripple as well. However, keep in mind that we are still trading at the strong resistance zone and a reversal down may occur anytime soon, especially now at the beginning of a new month.
ETH/BTC is in a bigger recovery mode due to Ethereum dominance, but we notice another possible bearish scenario, where wave B can still be in play, ideally as part of an A-B-C flat correction, where wave C can be completed within an ending diagonal pattern.
So, watch for limited gains around the 0.077 resistance area. Any bigger rally back above the 0.082 level would be signal that wave C is already completed at the June lows labeled as ALTernate count.
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