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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 19

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Retail investors tend to run for cover when the market falls, whereas the professionals get their buy list ready to take advantage of the bargain prices. Though the trading volumes have been falling in the past few months, the merger and acquisition (M&A) activity is on an upswing.

Recently, Goldman Sachs and Mike Novogratz, CEO of Galaxy Digital, invested $15 million in the crypto custody service BitGo. Data from PitchBook, compiled by JMP Securities, shows that there are likely to be 145 crypto- and blockchain-related deals by the end of this year, well above the previous year’s count of 47.

Price-wise, some analysts believe that the calm in the markets is about to end. They expect Bitcoin to take a decisive direction within the next 1–2 weeks. Do the charts point to a potential breakout or a breakdown? Let’s find out.

BTC/USD

Bitcoin has failed to break out of the overhead resistance at $6,831.99, resulting in a move down. Currently, the price is at the moving averages, which might act as a support. However, if the bears break this level, the digital currency can slide to the next lower support at $6,250.

BTC/USD

A lack of follow-up buying after the surge on Oct. 15 is a bearish sign. It shows that the market participants are in a hurry to close their positions during every small rally. Both moving averages are flat and the RSI is close to the midpoint. This points to a consolidation in the near-term.

The BTC/USD pair can remain range bound between $5,900–$6,832 for the next few days. A breakout or breakdown of this range will start the next directional move.

On the upside, the bulls should watch the levels of $7,400 and $8,400. On the downside, a break of $5,900 will trigger panic selling among the participants, plunging the price to $5,450, and further to $5,000 in a short time.

We suggest traders close their long positions if the pair breaks the support at $5,900.

ETH/USD

Ethereum remains weak. It might retest the bottom of the range of $192.5–$249.93. If the bears succeed in breaking down of the range, a retest of a Sept. 12 low of $167.32 is probable.

ETH/USD

Any attempt to pull back will face a stiff resistance at the moving averages and above that at $249.93. The ETH/USD pair will show signs of strength if it sustains above the range.

The traders should wait for a breakout and close (UTC time frame) above $250 to initiate any long positions. Until then, it is best to remain on the sidelines.

XRP/USD

Ripple has marginally dipped below the 20-day EMA, which shows profit booking at higher levels. Both moving averages remain flat and the RSI is close to the neutral territory. This points to a consolidation in the short-term.

XRP/USD

The XRP/USD pair will become negative on a breakdown of the support at $0.37185. On the upside, it has a slew of resistances at $0.5, $0.55 and $0.625. It will resume its uptrend if it sustains above $0.625. We don’t find any reliable buy setups at the current levels; hence, we are not suggesting any trades on the pair.

BCH/USD

A lack of buying has pushed Bitcoin Cash to the support line of the symmetrical triangle. A breakdown of the triangle will resume the downtrend and sink prices to $300 with a minor support at the Sept. 11 intraday low of $408.0182. Therefore, traders should protect their long positions with the stops at $400.

BCH/USD

The 20-day EMA has started to turn down after remaining flat for the past few days. The RSI is also in the negative territory. This shows sellers have the upper hand. The BCH/USD pair will show signs of strength if the bulls break out of the triangle.

EOS/USD

There is nothing much happening in EOS as it continues to trade close to the moving averages. It has been trading inside the range $4.4930–$6.8299 for the past two months. The flat moving averages and the RSI in the neutral territory suggest equilibrium between the buyers and the sellers.

EOS/USD

The buyers will have an upper hand if they succeed in pushing the EOS/USD pair above the overhead resistance of $6.8299. A break down of the support zone at $3.8723–$4.49 will tilt the advantage in favor of the bears. Therefore, the traders holding long positions should keep a stop loss of $4.9.

XLM/USD

Stellar broke out of the overhead resistance at $0.24987525 on Oct. 17 and 18. However, on both occasions, the bulls could not sustain the higher levels.

XLM/USD

We remain positive on the XLM/USD pair because it continues to trade above both moving averages, which are starting to turn up. If the bulls break out and close above the overhead resistance, it will invalidate the bearish descending triangle, which is a bullish sign. Therefore, we retain our buy suggested in the previous analysis.

On the downside, the digital currency will find buying support at the moving averages. Any break of this support can retest the zone between $0.204 and $0.2148.

LTC/USD

Litecoin continues to trade below both moving averages, which is a negative sign. A break below $52 can result in a drop to the bottom of the range at $49.466. This will be the fourth visit to the bottom of the $49.466–$69.279 range since Aug. 14.

LTC/USD

If the bears break down and close below the range, a fall to the next lower support of $40 is probable.

The LTC/USD pair will signal a change in trend only after a breakout and close (UTC time frame) above the range. We believe the traders should wait for a break out of the range before initiating any long positions in it.

ADA/USD

Cardano turned down from the 50-day SMA on Oct. 17. It is likely to find some support at $0.069, below which it can drop to the critical support at $0.060105.

ADA/USD

Both moving averages are flat and the RSI is inching towards the neutral territory. This shows a balance between both the buyers and the sellers.

The ADA/USD pair will pick up momentum if it scales above the overhead resistance at $0.094256 and $0.111843. We don’t find any buy setups at the current levels; hence, we are not proposing any trades.

XMR/USD

After failing to scale above the moving averages in the past few days, Monero has again dipped below the support of $107.8. It can now slide to the next support at $100, below which a drop to $81 is possible.

XMR/USD

Both moving averages are flat and the RSI is in the negative territory. This shows the probability of a consolidation in the near-term.

The XMR/USD pair can move up to $128.65 if it scales above the moving averages. We shall wait for a new buy setup to form before suggesting any trades.

TRX/USD

TRON has been holding above the 20-day EMA for the past four days, which is a positive sign. It will indicate a change in trend if the bulls break out and close (UTC time frame) above the overhead resistance at $0.02815521.

TRX/USD

The traders can buy a close (UTC time frame) above $0.03 with a target objective of $0.41. The initial stop loss can be kept at $0.02, which can be raised later.

The TRX/USD pair will weaken and sink to $0.02 if it breaks below the moving averages. We don’t find any trade inside the $0.0183–$0.02815521 range.

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Analysis

Today’s Expert Coin Value Analysis for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and BCH

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Bitcoin BTC/USD Price

From yesterday’s open at $4068 the price of Bitcoin increased at first by 1.23% coming to $4119 but since it came up to those levels slightly lower than the Saturday’s high an immediate downfall occurred to the same levels as it did after the Saturday’s decreased ended at around $4050 area.

Click to see the full-size image.

The price is currently again in an upward trajectory sitting at around $4080 close to the falling wedge resistance line. On the hourly chart, you can see that the price action created a descending triangle after the increase has been made on Saturday when the price came up to its significant resistance zone at the intersection between the 0.786 Fibo level and the falling wedge resistance line.

Now that a minor retracement occurred we are to see if the price is to continue moving to the upside for interaction with the upper resistance zone at around $4200-4300 in which case strong momentum will be needed to break out from the current resistance zone.

Considering that this increase made is most likely corrective according to my count I doubt that we are going to see the needed momentum for the price to continue its upward trajectory. Most likely as the price has found itself in a strong resistance zone and has formed a descending triangle we are to see a breakout to the downside from here after further interaction.

When this Minute Y wave ends and it looks like it could have ended we are going to see an impulsive movement to the downside as we did on 24th of February in which case the price of Bitcoin would decrease significantly from these levels back to around $3600.

Ethereum ETH/USD Price

From yesterday’s high at $144.83 the price of Ethereum has fallen by 4.41% at its lowest point yesterday but started increasing from there again and is currently sitting at $141.23.

Click to see the full-size image.

Like in the case of Bitcoin, Ethereum’s price action has created a descending triangle whose support line is the horizontal resistance level which was broken on the way up and now serves as a support. As the interaction with the 0.786 Fibonacci level was expected for the completion of the Y wave we could see further increase especially if the correction ends if a five-wave move instead of the projected three-wave.

As the price is above the 0.618 Fibonacci level which serves as the support we could see a breakout to the downside from the current descending triangle for a retest of support before further upside movement but considering that this three-wave upswing is most likely corrective when it ends I would be expecting that the price of Ethereum continues its downward trajectory which started on 24th of February after a five-wave impulse to the upside ended.

The price is looking like it could move impulsively to the upside as from 4th of March when the interaction with the 0.5 Fibonacci level was made we could be seeing the development of the uptrend. This isn’t very likely considering that after the five-wave impulsive move to the upside ended we have seen an impulsive decrease of 19.72% as the price of Ethereum fell from $168.5 to $135.21 which is why after this three-wave correction to the upside ends I would be expecting a continuation to the downside.

If the price starts decreasing from here I would be expecting a breakout from the current range to the downside below the 0.5 Fibonacci level which is at $126.76

Ripple XRP/USD Price

From yesterday’s high at around $0.321 the price of Ripple has decreased by 2.26% to its lowest point today at $0.31957. Since then the price has started increasing again and is currently sitting at $0.32158 which is around the horizontal support level from the prior range and is now serving as resistance.

Click to see the full-size image.

Looking at the hourly chart you can see that the price of Ripple came down to the upper ascending trendline which is the baseline support from the current corrective structure as it encountered resistance.

Now as the support level gets retested we are going to see if the price finds support there or continues moving to the downside to its lower support level. If this occurs the price of Ripple would come down to around $0.3145 but as we are currently seeing the interaction resulting in a slight increase the support will most likely be there.

The price hasn’t come up to the projected target level at $0.3366 so we could see further increase from here but as this increase is correctional when it ends I would be expecting a breakout to the downside.

As previously the price of Ripple experienced an impulsive five-wave increase a correction to the downside started and the price fell down by 13.64% in one go which was an indication of the start of the trend continuation.

The current corrective structure to the upside could be the second wave out of the five-wave impulse to the downside so a third wave should start developing soon. This could be the third correctional structure if the Intermediate correction got prolonged by two more waves so in either way I would be expecting a movement to the downside after this increase ends.

Litecoin LTC/USD Price

From yesterday’s high at $64.1 the price of Litecoin has fallen by 6.63% today measured to the lowest point at $59.855. The price is currently sitting at $60.484 slightly higher than today’s low and is trying to establish support on the prior horizontal range resistance line.

Click to see the full-size image.

Looking at the hourly chart you can see that the price of Litecoin came up above the resistance zone once more and to the upper ascending trendline which serves as resistance. This trendline is the resistance from the expanding diagonal which was the 5th wave ending point according to my count but now that another interaction has been made I believe that the structure has developed fully.

Now that we have seen the interaction with the price’s most upper resistance point we are most likely going to see the start of a downtrend as the price of Litecoin increased by 176% in the last 91 days.

The price came up above the resistance zone but I don’t believe that it will stay there for much longer as it has entered the seller’s territory so another round of selling would soon get triggered.

The first area which serves as support would be the lower horizontal levels of the resistance zone which is at around $50 level but if we are to see the start of the trend continues to the downside the price will fall further down below those levels.

Crypto Market Overview:

Coin360 Market Update – Click to see the full-size image.
Coinlib 24hr Money Flow – Click to see the full-size image.

Yesterday’s price analysis:

Bitcoin and Top Altcoin Price Analysis: Today’s BTC, ETH, XRP, BCH Value Forecasts (Mar 18)

Source.bitcoinexchangeguide

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Analysis

Today’s Bitcoin Price Recap: Tom Lee’s Crypto Macro Factors, Bold Bitcoin is Gold Prediction, BTC Sellers Exhausted

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Current Bitcoin Price Action: Sellers Exhausted at $4,000, “Cautiously Bullish”

Finally, Bitcoin (BTC) jumped $4,000 mark yesterday and the market turned green. Since then, the market has turned slightly red with XRP, EOS, Binance Coin, Stellar, and Trondown less than 1 percent in the past 24-hours.

While Ethereum is in the red by 1.24 percent and Bitcoin Cash by 2.14 percent, Litecoin is in the green by 0.42 percent while Cardano is up by more than 1 percent. This has a total market cap at about $139 billion.

Big BTC Action Incoming In A Week

The leading cryptocurrency is currently trading around $4,026 with 24-hours loss of 0.47 percent as per the data provided by Coinmarketcap, though Bitcoin has slipped from yesterday’s $4.074

Bitcoin price chart, Source: TradingView

While the price saw the daily trading volume hitting well above $10.4 billion, today it has taken a serious drop to $8.4 billion. However, 2019 has been a good year for bitcoin, especially March which as it goes, comes in like a Lion, however, it is to be seen if will go out like a lamb or keep on roaring further higher.

Crypto analyst with pseudonym Income Sharks see a good potential in Bitcoin as the charts paint a “bullish” picture that has him predicting “big BTC action” incoming.

“BTC with some nice momentum but still needs to close above $4,000 today to hold that momentum. All lines on the chart have been drawn for a while now so it’s great to see resistances/supports being respected. Think we are about a week away from some big BTC action.”

This has the market analyst and trader Benjamin Blunts sharing his bullish sentiments as well as he said,

“Cautiously bullish. All signs are pointing to up. Whether bottom is in yet I’m not sure however we need to trade what we see, and right now all I’m seeing is bullish.”

Meanwhile, Cryptocurrency Market is Maturing

Cryptocurrency prices are yet to see a definite direction as some analysts expect Bitcoin to take a downward shift while some are expecting a bullish momentum ahead. However, when it comes to the overall crypto space, the market is actually maturing.

Bitcoin enthusiast and Crypto-economist, Yaniv Feldman, in the latest Medium post shared three signs that indicate that the crypto market has hit

“puberty.”

Tether’s latest announcement that it is not one hundred percent backed by USD but may also include “other assets and receivables from loans,” is one such sign. The author focuses on the positive side of the story that is Tether becoming more transparent and pursuing new revenue stream which is

“encouraging.”

Now, the delisting of Bitcoin futures by Cboe that has been apparently due to lack of trading volume that might “appears as a negative sign for lack of institutional interest,” but if we take a look at the record volume registered by CME, it paints a completely different picture. The fact that “law of competition” is working indicates, the market is maturing.

Lastly, Bittrex has scraped its IEO while owing the fact that their due-diligence process wasn’t as good as they thought, a move unlikely to be seen

“in the good old days of the ICO fever.”

Brendan Blumber Says Bitcoin Will be Replacing Gold as a Store of Value

There are many experts and individuals that believe that Bitcoin (BTC) is going to be replacing gold in the future. Indeed, Bitcoin shares many characteristics as gold, including its limited supply, among other things. This time, EOS co-founder and CEO, Brendan Blumer, said on the popular social network Twitter, that he thinks that Bitcoin will be the world’s number one commodity to store value.

EOS Founder: Bold Bitcoin Prediction to Dethrone Gold Within the Next Two Decades for Storing Value

Bitcoin is the most valuable digital asset in the market. It has been growing over the last ten years and it has reached a large part of the population. However, there is still a lot of room for it to keep growing.

Brendan Blumer, the co-founder of EOS (EOS), said that over the next two decades, Bitcoin will be replacing gold as the leading commodity to store value.

It is worth mentioning that Bitcoin has a market capitalization of $7 trillion. Meanwhile, Bitcoin has a market capitalization of $71 billion at the time of writing. Thus, Bitcoin would have to grow 9759% if it wants to reach that valuation. That means that each Bitcoin would be worth over $333,333, which is massive.

Until now, Bitcoin reached its all-time high in December 2017, when each BTC was worth $20,000. There will never be more than 21 million BTC issued in the market, which means that if there is a growing demand for the asset, its price should definitely grow. Blumer has also explained that most of the activity in the Bitcoin network will pass through layer-two scaling solutions, such as the Lightning Network (LN).

The Lightning Network has just reached a new record with a capacity of 1060 BTC after a year of being released, according to 1ml.

There are other things that are worth mentioning about different digital assets. For example, the cryptocurrency exchange Bitstamp has released an overview of Ripple gateways and IOUs. This would allow business to create and send tokens that are redeemable for fungible assets, including fiat currencies, precious metals or commodities such as oil.

Lightning Network Hits New All-Time High, Over 1,000 BTC Network Capacity

Lightning Network has hit yet another milestone when it comes to network capacity. In a matter of a few hours, the capacity has crossed 1000 BTC, going well above $4 million.

According to the data provided by 1ML, 1,053.06 Bitcoin which at the current BTC price amounts to $4.24 million is the latest network capacity of Lightning Network. The network capacity has been up 54 percent in the last 30 days. Meanwhile, the number of channels is also surging 47 percent to 39,144 while the number of nodes has reached 7,380 with the monthly increase of nearly 18 percent.

LightningPowerUsers, ln1.satoshilabs.com, 1ML.com node ALPHA, BitMEXResearch, tippin.me, LNOneYear, aphito.com, rompert.com≡ƒö, and ACINQ are some of the most connected nodes.

While on one side, Lightning Network capacity is increasing, the Bitfury Group is taking it to the merchants in the US, Canada, and the EU. Bitfury partnered up with HadePay where it will integrate its web-based lightning network Peach Merchant API with HadePay’s platform allowing business to accept payments and “improving the efficiency and lowering the costs” of Bitcoin transactions.

Once the payment is made, merchants can immediately convert their bitcoin into another currency via HadePay’s platform.

“By bringing the Lightning Network to HadePay’s payment processing platform,” Pavel Prikhodko, head of Lightning Peach, Bitfury’s team of lightning network developers, says they “are making it easier for businesses across the United States to accept bitcoin payments.”

Bitcoin payments through HadePay, a platform that can be used by merchants all over the world to accept payments through Apple Pay, Paypal, and Square, are made available in all 50 US states.

Though Bitcoin is already a low-cost alternative to the fiat payments, the integration with the Lightning Network makes it more convenient that according to Brian Nichols, the founder and CEO of HadePay will pave Bitcoin’s way for mass adoption in commerce.

“Our customers are excited to leverage much faster, cheaper, and more convenient Bitcoin payments made possible by Peach. Bitfury and the Lightning Peach team are perfect partners due to our shared goal of providing businesses with the most cutting-edge financial technology possible,” said Nichols.

Crypto Savant Dan Hedl’s Lightning-Rod Bitcoin Insights:

These were simply too powerful, #woke and all around beautiful statements to ignore and not include in today’s Bitcoin price analysis and social commentary overview. Just take a minute to read these four poetic tweets just to get an idea on why anyone should be considering entering the blockchain-based financial space.

Pretty enlightening and exciting feedback from one of bitcoin’s finest contributors. But wait, there’s more, coming from none other than Fundstrat’s Tom Lee.

Tom Lee: Bitcoin in Strong Correlation with Emerging Markets, Real BTC Price Implications?

Emerging Markets are seeing an active and rising interest in Bitcoin. With the world currently undergoing a major shift in the evolution of money, people are looking for alternative options in terms of currency, investment and a store of value.

Thomas Lee’s Crypto Macro Factors: Bitcoin Succumbed to EM

When it comes to the connection between emerging markets and Bitcoin growth chart, both shared many similarities but in 2019, EM outperformed Bitcoin. According to Fundstrat’s Tom Lee in 2018, EM pulled down Bitcoin but as per the chart shared by him, Bitcoin can soon go to moon by tailing EM.

“Earlier this year, we noted the “macro” factors such as rally in risk assets plus USD no longer surging are tailwinds 4 BTC bitcoin. Chart shows EM in 2018 pulled down BTC. Notice especially how bitcoin tried to diverge in late 2018 but ultimately succumbed.”

bitcoin-btc-price-chart-today-march-17

It is not the first time, he has made a connection between both the markets. Back in August, last year, citing a correlation between both the markets, Lee had shared that Bitcoin could end the year “explosively higher.”

“Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin,” said Lee that time.

However, Tom Lee is not the only one that has been seeing this correlation as in late 2018, global macro analyst, Peter Tchir had also shared that during the time of emerging market stress, cryptos like Bitcoin as a store of value can rise.

“I would have expected bitcoin and cryptocurrencies to do well in times of emerging market stress. If you live in an emerging market country, where the political situation is tenuous and your currency is devaluing rapidly, it would make sense to want to store it, or hide it, or invest it in cryptocurrency. In theory Bitcoin is the ideal ‘hedge’ for a person of wealth in such a situation,” said Tchir.

If we take a look at the future prospect of the emerging market, according to Morgan Stanley, it is expected to rise about 8 percent in 2019.

Meanwhile, Bitcoin bull, Tom Lee further highlighted the maro tailwind, “Natural question is how much implied upside #bitcoin to “catch up” to macro. S&P 500+small-cap rally  since 12/24 is >2 std dev. 1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k. NOT OUR BASE CASE. Just highlighting macro tailwind.”

Today’s Bitcoin Price Action News Watch Conclusion:

Wow, what a recap that was! We hope you enjoy our most recent bitcoin price watch where we did our best to round up all of the daily activity regarding BTC’s value and the community insights.

Yesterday, we talked about the bold BTC price prediction from Binance CEO of $300,000 and how just four years ago the BTC/USD exchange rate was only $285 and has been hovering around $4,000 in today’s charts.  Today, we are sharing with you all of the latest bright spots regarding the Tom Lee’s emerging market crypto macro factors, Lightning Network growth stats, current bitcoin price analysis and EOS’s ‘bitcoin will replace gold’ in two decades forecast.

Let us know your comments and feedback how to keep improving being the most active cryptocurrency news media outlet in all the blockchain land!

Source.bitcoinexchangeguide

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Analysis

Today’s Bitcoin (BTC) Price Prediction: Latest Ethereum (ETH), Ripple (XRP) and BCH Analysis

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Bitcoin BTC/USD Price

From yesterday’s open at $3952.3 the price of Bitcoin has decreased at first to $3902 which was 1.26%. From there the price of Bitcoin started increasing and came up to $3976 at its highest point yesterday from where it again started moving to the downside to $3926.3 and is currently sitting at slightly higher at around $3960.

Click to see the full-size image.

On the 15-min chart, we can see that the price action has ended been moving in a five-wave manner and as it came down to the 0.618 Fibonacci level today where it has established some minor support an upside move was expected which is what happened.

But since that would be the 5th minor wave it is likely going to end on the horizontal resistance at $3994.4 as a retest of resistance before correcting some more in another three wave manner to the downside.

As this was a three wave correction to the upside the third correction to the downside would be expected before we could see a breakout to the upside as the price needs to establish further support which is why the horizontal support levels below the prior one could serve as a support zone for the expected minor decrease.

This decrease would be the last Minuette correction out of the Minute X wave which means that when it ends another increase would be made according to my count as the Y wave should start developing to the upside.

The Minute Y wave would mark the end of the second correction after the price made the initial decrease of over 10% so according to my count, this would be a correctional upside movement before further downside.

Ethereum ETH/USD Price

From yesterday’s low at $130.85 the price of Ethereum has increased at first by 6.16% coming to $138.92 at its highest point yesterday. After the increase ended another downtrend started which pushed the price to $133.5 at its lowest point today, but since the price fell to those levels another attempt of recovery has been made as the price is currently sitting at $135.56.

On the 15-min chart, we can see that the price of Ethereum increased impulsively yesterday which was the C wave from the previous upside correction and as it ended we are seeing the formation of the third correction to the downside which would mark the end of the Minute wave X.

Looking at the current wave structure we can see that the price action has created 4 Minuette waves which means that another one to the downside would be expected as it is most likely already the start of the expected correction to the downside out of which the A wave would be a five-wave move meaning that we are most likely going to see another Zigzag correction before the X wave ends.

The expected B wave would most likely retest the resistance at the 0.618 Fibonacci level around $137 area before another Minuette low would be established and it could end lower than projected on the above chart.

After this current downtrend ends I would be expecting an increase which would be the Minute Y wave out of the three-wave correction in which the price is from last Monday, February 4th.

Ripple XRP/USD Price

From yesterday’s low at around $0.312 the price of Ripple has increased by 6.58% today to its highest point at $0.33256. The price has retraced since and is currently sitting at 0.3266 area but is still in the upward trajectory.

Looking at the 15-min chart you can see that my projection played out which validated my count once again as the expected C wave to the upside started developing. The price is currently above the 0.236 Fibonacci level which was retested on the way down and the price went quickly below it, but the bullish momentum is still present which is why we are most likely going to see another increase.

The C wave is set to interact with the resistance at $0.3366 but it could end lower than that as I have counted 3 waves out of the C wave which is five-wave move so another increase could lead the price higher but not higher then the mentioned resistance level.

When the C wave ends more downside would be expected for the price of Ripple as it would end on the upside, but it is still unclear whether or not the expected move to the downside would be another correction or would it be an impulsive move like we saw on the initial drop when the price of Ripple decreased by over 13%.

If the Intermediate correction ended we are going to see an impulsive wave 3 to the downside as this horizontally ascending price action would be the corrective wave 2, but there is a possibility that this whole structure is a prolongation of the Intermediate correction.

In either way from the resistance at $0.3366 more downside would be expected from which we are going to see which count is valid.

Bitcoin Cash BCH/USD Price

From yesterday’s low at $125.2, the price of Bitcoin Cash increased by 2.85% to its highest point today when it came up to $128.6 but is currently sitting slightly lower at around $127.8 level.

Looking at the 15-min chart you can see that yesterday’s increase was a three wave move with a bit more room to the upside but looking near completion. This means that the ABC correction to the downside most likely hasn’t ended which is why we are likely to see another minor low before the expected corrective increase.

The price of Bitcoin Cash has been following the major cryptocurrency price e charts which is why we are seeing a similar pattern like in the case of Bitcoin but unlike in the case of Bitcoin, the price of Bitcoin Cash is set to go to retest its horizontal resistance level from the first horizontal sideways correction at $135.3.

As the price is set to retest its significant resistance like in the case of other cryptos we are most likely to see a similar scenario – a retest of the significant resistance ending as a rejection which will propel the price in a downward trajectory again.

The Minute Y wave would develop to the upside after this minor expected decrease so depending on its momentum we are going to see if the horizontal resistance gets broken but I don’t believe that it is likely considering that the choppy price action we have seen from 25th of February is the wave 2 from the five-wave move to the downside.

Source.bitcoinexchangeguide

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