Bitcoin has completed minor wave (2) within intermediate wave 3. Price rebounded just dollars short of the 78.6% retracement level, completed 5 waves up and just finished the smaller pullback to correct the initial move. Expecting the uptrend to continue past $11,200 without too much interruption.
XRP completed the anticipated dip just below our 23 cent range to complete a zig-zag correction. Wave 3 may be finished but it’s too early to tell. The circle shows a bullish flag which accurately predicted the midway point of the move up. Expecting more upside before any more large pullbacks.
I’ve always found Maker to be an interesting project. Since March, MKR has followed a similar path as the general crypto market. Wave (2) reversed exactly at the 0.618 level. The outlook is that an intermediate degree 3rd wave have just started, which is bullish. If correct, a typical 3rd wave would put MKR at $1,537.
Elliott Waves predict price ranges better than time frames, but I’ll give the timing a shot just for fun. The Intermediate wave 1 lasted from March through August, or about 5 months. 1.618 times 5 months (a common fibonacci ratio between waves 1 and 3), is 8.09 months. From the September bottom, this predicts that wave 3 will peak on Cinco de Mayo. If we extrapolate the top line of the trend channel, it reaches the $1,537 target on May 4th, 2021. That might be a coincidence, but it is at least interesting.
Happy Trading!