From Friday’s open when the price of Bitcoin was $3437 at the open, the price has increased by 10.6% measured to its highest spike at $3800 but since it has been consolidating and is currently sitting at $3687 which is an overall increase of 7.25%.
Looking at the 15-min chart we can see that the price of Bitcoin has gone above the 0.382 Fibonacci level and has interacted with the 0.5 Fibonacci level on Friday’s spike where it got rejected fast and the price went below the $3783 horizontal resistance level. The price started consolidating after the increase and made a falling wedge from which actually a breakout was made yesterday near today’s open on which the price was $3749 which was still lower than the 15 min candle close of the prior high.
Wave structure looks corrective so after this stagnation, I would be expecting a further increase as this would be the 4th wave out of the 5 wave impulse that started to the upside. The price target would be at least to the 0.5 Fibonacci level again but for a proper interaction but we might see it go even further up. Today we are most likely going to see a decrease at first since the third Minuette correction is to fully develop and it will most likely serve as a retest of support at around $3666 area.
There is another possibility in which the 5 wave impulse ended on the now labeled C wave of the second Minuette correction (orange), but this isn’t my primary count since the increase ended lower than the ending point of the 3rd wave. This scenario will be presented on Ethereum’s chart since it’s yesterday’s increase was slightly higher than the previous one.
On Friday, the price of Ethereum was $105 at its lowest point from where an increase has been made to $124.92 on the same day which was an increase of 18.86%. From there the price started correcting and moving sideways but yesterday another increase has been made from $118.19 at its lowest point to $128.11 at its highest spike which was an increase of 8.39% close to today’s open.
As you can see from the 15-min chart the price fell from there as it entered the sellers’ territory above the 0.5 Fibonacci retracement level. Currently, the price is sitting at $124 and is in the upward trajectory but as indicated by the wick from the upside it has encountered sellers’ pressure and is likely heading for a retracement now.
My Elliott Wave count implies that the impulsive move the the upside has ended as I have counted all 5 waves. Yesterday’s increase ended higher than the one we have seen on Friday so you can see the similarities and the differences between its chart and the Bitcoin’s chart.
Ethereum’s chart implies that we are now going to see a retracement potentially back to around 0.382 Fibonacci level at $116 as now a correction will occur after an impulsive move.
As I am expecting to see the price of Ethereum higher than these current level the expected decrease would be a correctional move which would be the second wave of a higher degree impulse.
From Friday’s open when the price of Ripple was $0.29405 at its lowest point the price has increased to $0.3259 at its highest point on the same day which was an increase of 10.83%.
From there the price has decreased as it encountered resistance at the falling wedge resistance line and is currently sitting at $0.30797.
Looking at the hourly chart you can see that the price is trying to break out from the falling wedge as it has been interacting with its resistance line from Friday when the increase to it was made.
The price is currently sitting on the 200 MA which may serve as a support for a breakout but the cluster that is currently being formed around it hasn’t provided many indications on the potential direction. RSI is on its midpoint around 45% which again indicates neutrality.
If the Z wave of the Minor WXYXZ correction ended on the interaction with the horizontal support level at $0.29405 then we are seeing the start of the impulsive move that is set to lead the price above the territory of the falling wedge, but the Z wave might not have ended.
In that case, the increase that we have seen on Friday is the continuation of the second X wave, so if the price falls below the minor horizontal support line at $0.30144 (interrupted black line) then the second scenario would be more likely.
The 0 Fibonacci level is the beginning point of the first wave W of the Intermediate count so it would make sense if the price goes further down below it on the last corrective wave.
That scenario would look like on the chart below and as you can see the Friday’s increase was ending point of the second wave X out of the Minor WXYXZ correction and it was a three wave correction to the upside.
If this is true then the last Z wave to the downside has started and is going to be an impulsive move to the downside potentialy for another interaction with the falling wedge which would be at around $0.23562 before we see the start of the Intermediate Y wave.
Bitcoin Cash BCH/USD
From Friday’s open at $113.5 the price of Bitcoin Cash has increased by 14.24% to $129 at its highest point. As the price increased to the descending channels resistance line and encountered resistance there it has started pulling back and is currently sitting at $120.5
The price is now on the 200 MA where it is interacting with it for a support testing purposes so if the price find support there, we are likely going to see another move to the upside beyond the descending channels resistance and the first target I see for it would be at the horizontal resistance at $135.
As you can see in the case of Bitcoin Cash the Z wave has ended which is why the increase we have seen after that has five waves followed by a correction and now we are seeing the next 3rd wave of a higher degree ending its development.
Zooming out to the 4-hour chart you can see that my higher degree Minor count which would be the five wave impulse if the Z wave ended so now I would be expecting a breakout from the descending channel on the 3rd Minor wave and then a pullback to the descending channels resistance for a retest of support on the 4th and then another increase to $155 are.
Crypto Market Update:
Disclaimer: Trade analysis isn’t meant to be investment advice. Do your own research before investing.
Bitcoin price prediction: BTC/USD confluence detector shows lack of resistance and support levels
- The daily confluence detector shows one healthy support level at $10,075.
- BTC/USD has gone down from $10,110 to $10,092.
The hourly BTC/USD price chart shows us that the price dropped from $10,130 to $9,815 this Thursday. The bulls then gathered momentum before it picked up to $10,190, meeting resistance. Since then, BTC/USD has been on a continuous downtrend and is currently trending around $10,092.
BTC/USD daily confluence detector
The daily confluence detector shows only one prominent resistance and support level. The $10,500 resistance level has the 5-day simple moving average (SMA 5) curve. The $10,075 support level has the 1-month 23.6% Fibonacci retracement level, SMA 10, 1-hour Bollinger band middle curve and 4-hour previous low.
Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound
Yesterday, Bitcoin (BTC) suddenly slipped. After tapping $11,000 just days earlier, the cryptocurrency cratered, falling under $10,000 as bulls failed to step in.
This move was so dramatic that according to the Bitcoin Fear and Greed Index, this sudden reversal has resulted in a reading of five — the index’s lowest value in its history. This is crazy, especially considering that BTC is trading over 300% higher than its bottom price of $3,150.
While the index’s reading may seem entirely arbitrary — just look at the bullish momentum Bitcoin has experienced in the first half of 2019 — the index is backed by data.
The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.
Bitcoin Bounces Back
But, the Bitcoin price has managed to bounce back. After remaining under $10,000 for a number of hours, the cryptocurrency managed to reclaim five digits.
Per Bloomberg, the cryptocurrency “appears to be gaining momentum for a push higher”. The analyst recently claimed that as BTC recently dropped “below the lower limit of its GTI Vera Band Indicator, which measures up and down trends”, a spike to the upside may be ahead. The last four times the bottom band was breached, “it managed to quickly rally back into the range”.
According to Mike McGlone, an analyst at Bloomberg Intelligence, Bitcoin is currently setting itself up for a recovery. He explained in a note that its “unique attributes” (likely a reference to its classification as a digital store of value/digital version of gold) and tumult on the macroeconomic stage could help boost the value of Bitcoin. Indeed, many say that if trade wars continue to rage and if central banks continue to enlist unorthodox monetary policy, the need for a form of money that is decentralized, scarce, borderless, and public will only swell.
While McGlone is bullish for the medium term, he told Bloomberg TV in a recent interview that his short and long-term prospects on the cryptocurrency are mixed.
Per previous reports from Ethereum World News, McGlone argued that with there being key support at $8,000 and heavy resistance at $20,000, the cryptocurrency could be stuck in that range “endlessly”. He added that on-chain fundamentals — active addresses, number of daily transactions, fees, and so on and so forth — have begun to taper off like they did to trigger 2018’s bear market.
Altcoins Finally Gain Some Steam
Interestingly, throughout this short-term recovery, altcoins have bounced, actually outperforming Bitcoin for once.
According to CoinMarketCap, Bitcoin dominance has fallen to 68.5% from nearly 70%. Ethereum is up 3.5% on the day, while BTC is up a relatively mere 0.2%. It’s a similar story across the cryptocurrency rankings.
Bitcoin Vs. Ripple: Amidst the Bearish Trend, The Coins Gave Some Brief Moment of Trading
There is a close link between the movement of Bitcoin and Ripple. Both of them are strong coins with a dedicated community of users. At present, they are facing some negative sentiments, but this will wash off soon.
Current Statistics (On August 22 at UTC 08:38):
|Parameters||Ripple (XRP)||Bitcoin (BTC)|
|Market Cap||11,339,553,299 USD||178,409,831,940 USD|
|24-Hour Volume||1,033,612,299 USD||18,408,249,735 USD|
|Circulating Supply||42,890,708,341 XRP||17,890,087 BTC|
|Price in BTC||0.00002654||NA|
BTC Vs. XRP Price Analysis:
Both Bitcoin and Ripple started on a declining note. In the first hours of the day, Bitcoin price has declined by 6.15% and fell to the level of 10,125.86 USD. Similarly, Ripple declined by 4.15% and landed at $0.2628. After that, the declining trend has slowed a bit, and coins kept fluctuating up and down in the range of around 2%. However, during the early minutes of the second half, on the other day, came yet another dip where BTC price declined by 2.21% and Ethereum by 0.96%.
After the second intraday breakdown, the digital coins have shown some strengthening for the next couple of hours. In that period, BTC hiked by 1.75% and XRP by 1.5%. The next plunge that came in around midnight dragged Bitcoin price by 2.91% and took it below $10k mark again. Similarly, XRP declined by 2.02% and landed at the level of 0.26 USD. Lately, the cryptos have been hovering at those levels and showed some bounce back, which helped then to move toward their current position.
BTC vs XRP Prediction & Conclusion:
Making any prediction in this swinging market is a rigorous task. However, for now, Ripple faces immediate resistance at $0.274454 and support at $0.259335. For Bitcoin, the immediate resistance is at 10,636.95 USD and support level at $9,800.93.
The Ripple team has done a recent assessment of the blockchain and assured that they will work toward the narrowing of the skill gap. Further, they added that in order to address the issue, the team would seek the help of experts including academia, governments, and private organizations.