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 [BTC] and other cryptocurrencies can be exchanged for ETFs and stocks, says Abra CEO
Bill Barhydt, CEO and Founder of Abra – a leading fintech firm in the cryptocurrency space, spoke about a range of services offered by the platform, in an interview with Nugget’s News.
The discussion started with Barhydt talking about why he started Abra. He stated that it was because he wanted to “build an effectively new type of banking system,” adding that it was to replace traditional banking services with cryptocurrency-based services. The CEO stated that this could include investing, transferring money, and accessing credit. He also added that he wanted to create a “Whatsapp” for money.
This was followed by Barhydt stating that every country across the globe had its own dedicated mobile money system, such as Paytm in India, Venmo in the U.S, and WePay in China. However, there was no app that enabled its users to make cross-border money transfers. He went on to state,“[…] because they only work in one country by definition […] so one app that could work in every country could start to solve things like cross-border money transfer, cross-border payments, investing in Western assets in the east, and eastern assets in the West. so this is basically what we’ve built with the Abra service […]”
During the interview, the CEO was asked whether Abra’s focus was more on STOs, equities, and ETFs. To this, he stated that the platform was not providing any services related to STOs yet, adding that the market for those types of tokens wasn’t established as of now. He said that Abra currently supports 50 different fiat currencies and 30 cryptocurrencies that include Bitcoin [BTC], Litecoin [LTC], Ether [ETH], and Bitcoin Cash [BCH]. He added,
The CEO further added,“[…] and any of the stocks any of the fiat currencies and any of the ETFs so for example you can hold Australian dollars and buy Microsoft you can sell your Microsoft and exchange it for Litecoin and any combination of those across the entire portfolio […] our mission is to democratize access to financial services globally and this is a big step towards making that that vision a reality […]”
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls drag BTC from bear’s trap; fail to save LTC
The cryptocurrency market was painted red on April 25 as most major coins fell. Bitcoin, the world’s largest cryptocurrency, also fell by 2.83% over the day, along with Litecoin [LTC], which reported a fall of 1.25% over the day.
At press time, BTC noted a fall of 0.39% over the hour and was valued at $5,433.19 with a market cap of $95.97 billion. The coin fell by 2.82% over the past day and noted a minimal growth of 2.90% over the past seven days. The 24-hour trading volume for BTC was observed to be $16.11 billion.
Support 2- $3,851.02
Bollinger Bands noted a bullish trend as the moving average line was under the candlesticks. The bands appeared to be converging, indicating reduced market volatility.
Awesome Oscillator indicated strong bearish momentum.
Chaikin Money Flow pointed towards a bullish market as the marker was above zero. However, it appeared to be approaching the mark, with a change in trend imminent.
Litecoin [LTC] one day chart
At press time, LTC fell by 1.25% over the past day and was valued at $72.54 with a market cap of $4.46 billion. The coin fell by 0.77% over the past hour and by 10.20% over the past seven days. The 24-hour trading volume was observed to be $3.13 billion.
Parabolic SAR indicated a bearish market as the dotted markers aligned above the candlesticks.
MACD line was under the signal line, pointing towards a bearish market.
Relative Strength Index indicated that the buying and selling pressure evened each other out.
According to BTC’s long-term chart, a bullish market was predicted. However, the CMF suggested that a trend reversal may be underway. LTC pointed towards a bearish market.
Bitcoin Price Analysis April 25: Critical Decision Point For BTC – a Double Top or Hold Support?
Since our previous BTC price analysis, and following the trend, the Bitcoin breakout had reached a daily high of $5627 on Bitstamp. This is still not our expected target (around $5700 – $5800), however, this is crypto and anything can change anytime.
Since yesterday, the crypto markets are suffering from severe declines: Both in Bitcoin and especially among the altcoins. This includes Ripple that keeps decreasing against Bitcoin since 2019 had begun.
A quick overview to keep things simple: the hourly and the 4-hours chart reveal a double top in Bitcoin around $5625. This setting is a bearish formation. From the other side, Bitcoin is still getting support from the mid-term trend-line on the 4-hour chart, along with the stiff resistance turned support area at $5300 – $5350.
Total Market Cap: $176 Billion
Bitcoin Market Cap: $96.3 Billion
BTC Dominance: 54.6%
Looking at the 1-day & 4-hour charts
As mentioned above, Bitcoin is very close to the ascending trend-line marked in orange on the 4-hour chart, along with the $5400 support area. This trend-line is holding nicely for the past ten days. The next critical support level is the resistance turned support $5300 – $5350 zone. Below lie the $5200, $5100 and $5000 support levels.
From above, after failing to break-out the previous high at $5625, Bitcoin marked $5500 as the closest resistance level. Above, lies the mentioned $5600 – $5625 resistance, before reaching to the major area of $5700 – $5800, which held the 2018 bear market as last support level throughout 2018. In case of a break-up, the $6000 level is not expected to be easier to overcome.
– Trading Volume: looking on the 4-hour chart, we see that the sellers’ candles (in red) are decreasing over the past two days. This could turn bullish, combined with the Stochastic RSI oscillator which is deep in the oversold area.
– Daily chart’s RSI: The RSI level had dumped down to 68, which is considered a support range. It will be interesting to see if it can find the necessary support here.
– BitFinex open short positions: the number of short positions continues growing up over the past days, and currently stands at 25.7K BTC open short positions.