Connect with us

Hi, what are you looking for?

ELEVENEWS

Analysis

BTC, ETH, XRP and BCH Price Watch: Today’s Cryptocurrency Coin Chart Predictions

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%.

Looking at the 15-min chart we can see that the price moved in 5 waves to the upside and came close to the projected target level at the horizontal resistance at $3994.4 but the was no interaction, instead, the price spiked up quickly before falling down equally strong and is currently retesting the 0.618 Fibonacci level in a lookout for support.

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.

On the hourly chart, you can see that I’ve started shifting towards my alternative coun as I’ve incorporated the first five-wave move to the downside in the correctional count instead of leaving it as the potential first wave of a higher degree impulse.

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.

Looking at the hourly chart you can see that after the Intermediate Y wave ended the price fell impulsively to the downside which meant that we were most likely seeing the start of the impulsive decrease as a trend continuation after the correction ended, but after some period of consolidation the price increased equally strong to the upside coming close to the level from which the decrease was made.

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.

In this scenario I’ve includes the first decrease made on last Monday as the start of the correction like in the case of other cryptos but in this scenario, the difference is that the Minute correction hasn’t ended on the three wave move but is instead a five-wave correction out of which the current increase would be the second wave X.

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:

Source.bitcoinexchangeguide

 

Advertisement

Copyright © 2020 Elevenews