More Weakness Awaits Bitcoin And Litecoin
Gregor Horvat | Dec 29, 2021 07:22AM ET
Bitcoin is bearish since the price reached new all-time highs but only with three waves, so ideally, that was big wave B as part of a big flat or a triangle formation, with more weakness in view soon as the rally from $43,400 unfolded in three waves. A broken trendline will be another confirmation of further weakness.
Litecoin is making lower lows and lower highs, signaling a strong bearish trend that recently slowed down near the $126.40 area. We see that as a corrective price action within a downtrend, ideally a triangle in wave four, so we should be aware of more weakness, especially after a minor drop below the triangle line. Downward projection is around 100.
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