Cryptocurrencies came back under pressure after stocks came down at the end of the week following the news that Russia will invade Ukraine this week. So risk-off is having a bearish impact on cryptos as well but there's still a chance for bounce and recovery.
Bitcoin Elliott Wave Analysis
Bitcoin the largest cryptocurrency is showing first evidence for a potential bottom formation in the 4-hour chart and seems like it's unfolding a five-wave bullish cycle within a higher degree wave (A). If that will be the case, then we can expect a bigger (A)-(B)-(C) recovery in the upcoming weeks, we just have to be aware of a pullback in wave (B) before we will see more upside within wave (C).
Ripple Elliott Wave Analysis
Ripple XRPUSD the sixth-largest cryptocurrency, is showing strong reversal up and seems like it's unfolding five waves up that suggest a bullish reversal, especially if recovers back to 1.0 area.
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