Crypto

Recently we see the likelihood that BTC has already hit its target for our B wave increase. Today we have seen a small recovery in BTC, which currently, as of 4 PM EST, is trading at approximately $49,500, up over 2% for the day.

In this article, I am not attempting to go into the differences between the world’s top two cryptocurrencies or make a case for either being more widely used or better than the other. I am simply going to map out the differences and similarities in recent market action, along with short-term projections, and try to decide which one is better for you as an investor.

Bitcoin futures (BTC) today saw their first decent gains since the fall from all-time highs precisely one week ago. The increase of $2,550 or 5.5% took BTC’s most active contract of March (BTC H21, soon shifting into April BTC J21) up to approximately $48,800.

Bitcoin took a lose yesterday with futures (BTC #F) closing down approximately 3% ($1,630) at $53,900. BTC hit a high yesterday of $57,790, which was just above where we predicted an end to the current impulse wave, so we cannot safely assume we have entered a corrective A, B, C period.

Like we wrote about last week BTC is currently in a wave 5 scenario today with the help of our charts are going to make the case of where this final impulse wave will conclude.

“One way to forecast a fifth wave target with Elliott Wave is from the .618% extension area of the first & third waves combined measured against the high in the fourth wave.