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.
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.
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.
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.
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:
Yesterday’s price analysis:
Bitcoin and Top Altcoin Price Analysis: Today’s BTC, ETH, XRP, BCH Value Forecasts (Mar 18)
BTC, ETH, and XRP Price Analysis: Top Cryptocurrencies Are Stuck Trading In A Horizontal Range
1 BTC/USD =$9.599,25 change ~ 1.01%
Coin Market Cap$171.5 Billion
24 Hour Volume$4.53 Billion
24 Hour VWAP$9.56 K
24 Hour Change$ 96.2000
Last week the price of Bitcoin was $10641.1 at its highest point on Monday. From there we’ve seen the price decreasing until Wednesday when the price started recovering and came to $10168 which was again retested on Saturday but since the price failed to exceed the prior high another shart downfall has been seen to $9367 on the same day.
Since then the price has been hovering in a horizontal range between the Saturday’s low and $9580 but the price spiked to the downside and retested the prior low on a quick spike after which a retest of the 0 Fib level has been made. This horizontal range could be interpreted as a consolidative range after the price fell below the 0 Fib level and is likely a sign of indecision.
On the hourly chart, you can see that the price of Bitcoin attempted to start moving to the upside after it fell below the 0 Fib level but failed to do so and instead formed a three-wave upward correction after which another downside move has been seen. This could mean that the price is headed for another downside move before the completion of the downtrend which started on the 20th of July when the price of Bitcoin was $10970 above the 0.236 Fib level.
If we see another downside move I wouldn’t believe that it’s going below the still unconfirmed descending trendline and the intersection with the horizontal level at $8506 but its equally possible that the price would be headed upward from here as this downtrend from the 20th of July could be the 2nd wave out of the next structure to the upside as the WXY correction ended.
The price of Bitcoin most likely ended its 5th wave to the upside of the Minor degree on the yearly high which is why we are seeing a corrective downside move as the first wave out of the same degree starting downtrend but this could also be a prolongation of the corrective decrease after the uptrend continues.
Considering that the price of Bitcoin has been in an upward trajectory since 15th of December we are most likely seeing the first formation in the entering bearish period so in either way even if the price is to increase from here I would be expecting further decrease below $8500 in the upcoming period.
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1 ETH/USD =$210,34 change ~ -0.24%
Coin Market Cap$22.6 Billion
24 Hour Volume$1.56 Billion
24 Hour VWAP$210
24 Hour Change$ -0.5000
From last week’s high at $226.84 the price of Ethereum has decreased by 8.92% as it came down to $206 level around which it is currently being traded.
On the hourly chart, you can see that the last week’s high was an interaction with the 0.382 Fib level at the intersection with the ascending trendline of a higher degree which served as a significant resistance point.
As a rejection occurred we have seen the price going to the prior low level which was retested on a quick spike to the downside yesterday but the price came up above $206 level at the 0.5 Fib level.
Prior to this horizontal range, we’ve seen the price of Ethereum decreasing impulsively which is why this range is most likely a corrective upward correction that is going to end on the 3rd wave. This is why I would be expecting another retest of the 0.382 FIb level before another downside move which would be the 5th wave out of the five-wave move from the yearly high at $362.
This five-wave move to the downside could be the first wave out of the starting downtrend as the 5th wave from the upward impulse wave ended on the yearly high and is why I would be expecting the price of Ethereum below $187 in the upcoming period.
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1 XRP/USD =$0,319 change ~ 2.81%
Coin Market Cap$13.75 Billion
24 Hour Volume$199.72 Million
24 Hour VWAP$0
24 Hour Change$ 0.0087
The price of Ripple has been following the chart pattern of Bitcoin as like in the case of Bitcoin we’ve seen a horizontal range after an attempt for a recovery ended as a failure with the price decreasing over the weekend. From last weeks high at $0.3303 we have seen a decrease to $0.305 at its lowest point after which recovery to the 0.236 Fib level occurred but the price got rejected by the resistance found there and again fell to the mentioned low level.
On the hourly chart, you can see that the price of Ripple is stuck in a horizontal range between the 0.236 Fib level and the $0.305 low which is most likely a consolidative range showing indecision as the price is stuck between significant horizontal support/resistance points. As we have seen an increase from the 0.29405 horizontal level to the 0.382 Fib level and a decrease after we are most likely seeing a higher degree three-wave correction to the upside after the prior downfall ended.
This is why I would be expecting another increase from here to the 0.382 Fib level as another retest of the significant resistance point before another downside move to the lower horizontal support level. The likelihood of a breakout from both sides is equal at this point which is why I don’t believe that we are to see a decisive move soon, instead, more likely we are going to see further sideways movement in the upcoming period.
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The cryptocurrency market is hovering around the same levels from yesterday and is stuck in a horizontal range. This is most likely a short consolidation after another attempt for a starting recovery which would fail and cause another downfall.
This expected downfall would be the 5th wave from the first impulse wave of the starting downtrend as we’ve most likely seen the end of the bullish period.
Bitcoin (BTC), Litecoin (LTC), And Ripple (XRP) Analysis: Market Recovers After Overnight Drop
From last Tuesday when the price of Bitcoin came down to $9833 at its lowest point we have seen an increase of 30% measured to the highest point the price has been today which is at $12814. The price is currently being traded at $12348 and even spiked further down to $12119 at its lowest point today.
Looking at the hourly chart you can see that the price of Bitcoin came up above the ascending trendline zone which served as resistance on the way up and has retested it on today’s spike to the downside and found support there which indicates that the trendline zone is still serving as a significant pivot point. The price came down last Tuesday in a three-wave manner after which a five-wave increase has been seen forming a lower high with the price going below the ascending range and the 0.5 Fibonacci level.
As the price found support around the descending resistance level it started increasing again. I believed that the price is going to retest the upper ascending level before continuing to move to the downside again as the descending channel which started forming form 28th of June looked like it could be the 2nd wave out of the higher degree correction. But as the price increased with strong bullish momentum above the ascending range we could be seeing another ABC correction to the upside which would be the wave X out of the mentioned higher degree correction.
Another possibility would be that the ABC to the downside which ended last Tuesday was the end of the correction with the 30% increase seen after being the start of the next impulsive move to the upside, but I don’t believe that’s likely because according to my count the 5th wave of the Minor count ended on the yearly high at $13740.
As the price is in an upward trajectory in the upcoming period I would be expecting an interaction with the 0.618 Fib level or a retest of the yearly high before another downfall potentially below the 0.382 Fib or slightly above it, to around the vicinity of the last Tuesday’s low.
Bitcoin Price Could Hit $25,000 Before 2020, Says Bullish Crypto Analyst
The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitcoin remains in a positive trendfrom a broader outlook, with its year-to-date performance showing as much as 146% gains.
Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.
THE BEARISH TAKE ON BITCOIN
Meanwhile, other notably analysts believe bitcoin is due for a considerable drop. Willy Woo, the founder of Woobull.com, said the cryptocurrency has become overvalued following the latest upside movements. The analyst put bitcoin against his popular NVT metric, which represents the ratio of bitcoin’s market capitalization to the volume transmitted by its blockchain. He noted a considerable divergence between the current bitcoin price and the NVT Ratio (explained here), which is bearish:
Josh Rager, another prominent analyst, provided a less harsh bitcoin price outlook, stating that a sharp downside correction would attract more investors to purchase it at cheaper rates. He noted that the BTC-to-dollar exchange rate dropped by at least 30% after every significant bullish move on a broader timeframe, as shown in the graph below.
If Rager is correct, BTC could go as low as $6,000 before attempting a sharp pullback to reclaim the session top of $9,090.