Altcoins LTC/USD and DSH/USD Elliott Wave Cycles Approaching Support
Crypto total market cap made another intraday recovery, but looking at the whole structure, we actually see a sideways consolidation, which more and more looks to be a bearish formation, so still watch out for that sell-off, while its below 1.88T level.
Major coins cover within 24 hours with Bitcoin 3.22%, Ethereum 8.10%, Ripple 5.26%, Litecoin 4.12% and Dash 6.26% at GMT 11:35 AM, the time of writing.
As per Elliott Wave analysis, Litecoin, LTCUSD remains nicely bearish in the 4-hour chart after we noticed a new higher degree wave (4) correction and with recent decline down to July 2021 lows and 100 level, seems like wave (5) of C is already in progress. However, wave (5) should be completed by a five-wave cycle of the lower degree, so be aware of slightly lower levels towards 90-70 area before we will see a bullish reversal.
Litecoin Elliott Wave Analysis
DSHUSD remains bearish in the 4-hour chart as expected, ideally for the final wave 5 of an ending diagonal pattern within wave C. In ending diagonals, each wave consists of three legs (A)-(B)-(C) and we can potentially see it final stages of a five-wave cycle within that wave (C), so ideally we will see bottom and bullish reversal from around 80-60 support zone
