Bitcoin BTC/USD Price
From yesterday’s interaction with the baseline support when the price was at around $3790 at the open, measured to the highest point the price has been today which was at $3986.6 we have seen an increase of 5.18%.
As we haven’t seen the interaction with the mentioned level and as the wave structure looks undeveloped we are most likely to see another attempt for the price to continue its upward trajectory which would be the 5th wave from the now seen impulsive move to the upside.
This was expected as previously another Minute correction to the downside ended but it is still unclear whether or not the current upward move is the start of another correction to the upside or is this the last wave from the previous correction.
In either way now that the price moved impulsively to the upside and came close to its resistance we are going to see a retracement or the start of another move to the downside.
The now expected decrease would be most likely a three wave structure as we have seen a five-wave move to the upside, after which I would expect to see another five-wave move to the upside as I believe that this current upside movement is another Minute WXY correction following the previous one.
Ethereum ETH/USD Price
From yesterday’s open at $127.91 the price of Ethereum has increased by 12.48% measured to its highest spike today at $143.87.
This is due to the fact that we have seen an impulsive five-wave move to the upside today which was included in my primary projection but as the structure from last Monday looks more corrective then impulsive I believe that we are most likely seeing the prolongation of the Intermediate WXY correction in which case the refereeing structure would be the second wave X.
If this is true then the current move to the upside is the second wave out of the Intermediate X wave and is set to go upward to around the media level of the current range which would be at around $149.
Now that the upward move ended we are going to see a movement to the downside from whose depth we are going to see if the count gets validated. If this is the Minute correction to the upside we are to see the price retrace before increasing again.
Ripple XRP/USD Price
From yesterday’s low at $0.30726 the price of Ripple has increased by 5.8% today, measured to the highest point the price has been today at $0.325.
This increase to the upside was due to the coinbase pro listing but since the price came close to the levels from where the major decrease was made another correction took place and the price action formed a descending triangle.
As I’ve counted a three-wave move inside the triangle and considering that today’s increase lead to a breakout to the upside we can say that the Minute WXY has most likely ended which is why another structure started forming and as the market is strongly correlated I would presume that it will be another Minute correction to the upside just like expected in the case of Bitcoin and Ethereum.
The price action for the price of Ripple has been moving sideways more than other cryptos which is why it has been hard to say where are we in the market context sense, but if we are to follow the logic of market correlation we could be seeing another correctional wave as the Intermediate correction got prolonged.
Bitcoin Cash BCH/USD Price
The price of Bitcoin Cash has increased by 9.4% – coming from $122.1 at its lowest point yesterday, to $133 at its highest point today.
On the hourly chart below we can see that the price encountered resistance at the horizontal resistance level but an interaction hasn’t been made like in the case of Bitcoin which is why we could see another minor increase before another move to the downside starts.
In the case of Bitcoin Cash, I wanted to present an alternative possibility in which from here the price could go further down without one more five-wave increase that is expected and this scenario also could be applied on previously analyzed cryptos.
If this is true, that would mean that another move to the downside is coming which would form a lower low potentially to the vicinity of the horizontal support at $107.4 as it is the most significant support to the downside.
In either way now that the increase has ended and we are seeing the prices interacting with their resistance point a minor downtrend would now most likely occur from which we are to see which count gets validated.
Overall I believe that this correctional movement is the second wave X from the Intermediate correction which means that when it ends another move to the upside would occur as the last Intermediate wave Z is to develop.
Cryptocurrency Market Update: