Bitcoin
Bitcoin continues to follow a long term Elliott Wave impulse pattern, which is bullish. The explosive move up is consistent with a 3rd wave within minor wave 1. Minor wave 1 will be composed of 5 smaller waves, which means there is still room for a further move higher before a correction. The black channel is extrapolated from the prior update. The blue line is long-term support since March, which has become significant. The green line shows one possible projection of price action to complete waves 4 and 5 within minor wave 1, followed by a brief countertrend correction.
Interestingly, the anticipated timeframe for the next dip coincides right around the election. After that, I’m expecting a steady march toward all time highs over the next several months. Regarding discussion predicting more good news in the prior post — Paypal supporting crypto is huge. More companies will jump onboard, starting with fintech and online payment providers.
Cardano
Cardano has continued an uptrend and is still early in wave 3. The chart is a little less clear compared to bitcoin. There are 2 short term options. The good news is both of them are bullish in a multi-week time horizon. The converging trendline that breaks first is the more likely path to end minor wave 1. If wave 3 of 1 is still developing, the short term target is 14 cents. Solely based on the correlation between ADA and other cryptos, I’d give option 1 a slight edge.
XRP
XRP is trending upward in a channel, which is still part of minor wave 1 of 3. The next move up is likely to break through the top line of the trend channel in wave 3 of 3 (see bitcoin’s move this week for what a wave 3 of 3 usually looks like). If correct, it will probably happen this week. XRP is still in the early stages of a multi-month uptrend which should outperform the 3x price increase from March-August. The launch of the Spark token in December may be a major catalyst!