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We have seen some intraday spike up in the Crypto market. There was no obvious catalyst for the move that’s native to the cryptocurrency industry, but the Asian stock markets began trading at around the same time. In any case, the massive volatility took its toll on the derivatives markets and the liquidations for the past 24 hours surpassed $200 million according to data from CoinGlass. Anyway, such intraday spikes we just see as a fake rise, so looking at the intraday chart, it still looks like a correction within a downtrend, so watch out for a bearish resumption ahead of the important FED meeting today.

SOULUSD is still nicely falling within wave (C) as expected. We can actually see it already finishing an extended wave 5 of (C), where final subwave »v« of 5 can be now in progress. Ideal and strong support, we see around 161,8% Fibo. extension of wave (A) and 0.55 level.

SOULUSD 4h Elliott Wave Analysis 

Similar to SOUL, even TLMUSD can be trading in the final stages of wave 5, but subwave »v« of 5 is still missing, so watch out for more weakness, ideally towards 0.06 – 0.04 support area before it finds the bottom.

TLMUSD 4h Elliott wave Analysis