On Friday the price of Bitcoin was increasing parabolically and came up from $5721.6 at the open to $6145 which was an increase of 7.4%. Since the price came up to those levels a corrective movement has been seen entering the weekend.
As you can see from the 15-min chart, the price has continued its corrective movement over the weekend and formed a symmetrical triangle in which it was bouncing. Today the price again cam to its support level where it found support and verified the level once again as another bounce has been made.
The price is currently in an upward trajectory and considering that I have counted the sub-waves we have seen a three-wave correction taking place we could see a breakout to the upside. More likely we are to see two more waves developing which would bring this correction to be an ABCDE correction which has developed after the five-wave increase of the Minuette count ended.
This could be interpreted as the 2nd wave out of the higher degree 5th wave but it could also be the first correctional structure among the the higher degree correctional movement which is to for the top before a downtrend could start as the 5th wave ended.
In either way, I would be expecting a breakout to the upside from here to the significant horizontal support level at around $6250 level which is the most significant support level, broken in November last year when the price of Bitcoin fell from around $6500 to $3230 in one go, and is likely getting retested before the expected downturn in the market is seen.
From its interaction with it we are to evaluate the potential price action movement in the upcoming period.
Over the weekend the price of Ethereum has also been correcting and has decreased from Friday’s high at $181.36 to $167.7 at its lowest point today which was a decrease of 7.55% but managed to recover today and increased to $176.62 where it’s currently being traded.
On the 15-min chart, you can see that unlike in the case of Bitcoin, the price of Ethreum has corrected in a descending manner after the five-wave structure has ended on Friday. Today the price fell to the descending structure’s support level where it found support and spiked up to the presumed resistance level.
As the wave structure implies this could be the 2nd wave out of the expected Minor 5th wave of a higher degree so after the correction ends I would be expecting an increase and a breakout to the upside from the descending channel.
Before a breakout could be seen further correction movement would be expected as another third Subminuette ABC correction should develop and is expected to end around the 1 Fibonacci level or slightly below it.
The price of Ripple has increased over the weekend at its highest point on Saturday when it reached $0.3327 from $0.3138 on Friday’s low.
On the 15-min chart, you can see that the price made was above the 0.236 Fibonacci level as another attempt has been made for an uptrend continuation. The attempt has failed which set the price in a downward trajectory and has come to the significant ascending trendline which again verified its significance by offering support.
Now the price is interacting with the current range resistance level but I don’t believe that we are to see a breakout to the upside before further correctional movement with the further establishment of support.
The price is most likely in its 4th wave correction which is why another increase would be expected potentially to the next Fibonacci level at $0.348 and would be the first wave out of the expected 5th wave from the Minor count.
Like in the case of other cover cryptos the price of Bitcoin Cash has ended its five-wave increase which is why we are seeing consolidation structure taking place over the weekend with its levels firmly verified as numerous bounces have been made.
The price came up to its highest on Saturday when it came up to $308.2 but started immediately decreasing and made higher lows and lower highs which is why a symmetrical triangle has been formed.
Like in the case of other cryptos the price has interacted with its current range support and is now interacting with its resistance but another wave to the downside would be expected before further upside movements could be seen resulting in a breakout to the upside from the currently seen triangle.
The cryptocurrency market has moved sideways over the weekend with overall descending movements as see form the charts of the analyzed cryptos. Now as the apex of the structures is approached by the price further upside movement would be expected but not before further correction movements which would set to complete the patterns made from Friday.
- Source: First Appeared Here
- Published Time: 2019-05-06 16:54:36
The views and opinions expressed in the article Today’s Coin Market Forecast Analysis do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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