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Cryptocurrencies Short Term Update 09.21.2017

Published 09/21/2017, 01:34 PM
Updated 03/09/2019, 08:30 AM
BTC/USD
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ETH/USD
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Cryptocurrencies: Bitcoin & Ethereum Short Term Analysis

The leading cryptocurrencies BTC/USD & ETH/USD rallied up from 09/15 low in a 3 waves Zigzag structure which ended wave (1) as part of an expected 5 waves diagonal to the upside. Both instruments is now doing a short term pullback in wave (2) as a double three toward equal legs area ($3740 – $3549 for bitcoin) and ($269 – $253 for Ethereum) where it should resume higher or bounce in 3 waves at least.

If the pivot at 05/19 lows gives up , then it will be looking to do the double correction from 09/02 peak and extend lower toward ( $2130 – $1650 for BTC) and ($102 – $56 for ETH) before buyers appear again for another 3 waves bounce.

BTC/USD 1H Chart 09.21.2017
BTC/USD Hour Chart
ETH/USD 1H Chart 09.21.2017

ETH/USD Hour Chart

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