? Bitcoin & Cryptos Technical Analysis 21-26 August ’18 ?

2 min read

Bitcoin (BTC/USD) is building a descending wedge chart pattern and a potential wave 4 as long as price stays below the 50% Fibonacci retracement level. A bearish breakout could start the bearish wave 5. XRP/USD is showing bullish price action but price needs to break above the 50% Fib resistance otherwise a bearish breakout becomes more likely.

Bitcoin (BTC/USD) seems to be building a choppy and corrective pattern, which is typical for a wave 4 pattern. A break above the 50% Fibonacci retracement level would make the wave 4 pattern less likely, otherwise a bearish breakout seems the most likely scenario.

Ripples (XRP/USD) could be in a wave 4 pattern as well, just like BTC/USD. The main difference is that Ripple is showing stronger bullish price action but a break above the 50% remains a requirement. A bearish breakout could also start the 5th wave.

Check out the video for the full analysis and trade plans on 21-26 August 2018:

  • EUR/USD, GBP/USD technical analysis
  • Review of patterns, trends, key S&R levels
  • Explanation of potential trade ideas both up and down
  • Beginner friendly, explaining concepts in more detail

See the video below for all of the details

Good trading,
Chris Svorcik
Elite CurrenSea

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