From yesterday’s high at $6288 the price of Bitcoin has decreased by 4.46% today as it fell to $6007 on Bitfinex exchange. Since then a small recovery has been made to around $6158 below which the price is currently being traded.
On the hourly chart, we can see that the price immediately after the interaction with the significant horizontal resistance level at $6265.6 yesterday started falling down with fast momentum which confirmed the significance behind the level and the presence of strong resistance at those levels.
The price fell to below the previously broken minor horizontal resistance made by the two prior highs of the corrective movement but landed on the ascending trend line which again offered support.
As a higher high has been made yesterday and on today’s open another higher low, the price action has started forming an ascending range like the one from which it previously broke out off. This pattern is known as an ending diagonal and occurs only in the wave 5 out of the five-wave impulse.
Considering that the sub-wave counted are showing a remarkable resemblance I believe we are seeing the end of the five-wave impulse of the Minute count which is also the last wave from the Minor count. Before the end, we are likely to see another increase as the last ABC correction to the upside should develop and would be the third interaction with the ascending channels resistance level.
The expected increase would be the final ABC correction to the upside which is set to enter the seller’s territory above $6250 level before an immediate decline to $5806 which would mean that the bears have taken control. This would be the end of the correction from 15th of December when the price fell to $3226 and the beginning of another move to the downside which is set to push the price below the mentioned level.
From yesterday’s high at $191.65 the price of Ethereum has fallen by 11.63% today measured to the lowest spike the price has been which is at $169.35. The price immediately came up above the significant horizontal level at $174 where the hourly candle closed and has stayed above it since but hasn’t made any substantial recovery as it only came up to $178 at its highest.
On the hourly chart, you can see that like projected in yesterday’s analysis, the price came down to the significant horizontal level where it found support. This is presumed to be the 4th wave from the five-wave impulse to the upside so from here an increase would be expected.
This also might have been the beginning of the higher degree move to the downside as the five-wave move to the upside ended so now as we are likely going to see an increase if it doesn’t exceed the half range of the prior decrease before first signs of struggle the projected scenario would still be in play.
If the price, however, stars moving below the current support level and comes below $165.44 the count would get invalidated as the price entered the presumed 2nd wave’s territory.
I believe that we are going to see an increase from here before further downside movements as the horizontal level at $174 is significant enough to stop the selling momentum at least temporary. From the expected increase we are going to see if the momentum for the 5th wave is there but even if it does catch on I wouldn’t expect the price to go above the $200 before we see another downturn in price trend.
From yesterday’s high at $0.3227 the price of Ripple has declined by 4.08% today as it came down to around $0.31 where it is currently being traded.
Looking at the hourly chart, you can see that the price is once again on the minor horizontal support level offered by the 1st wave’s high. As previously a breakout from the descending channel occurred with a strong momentum a five-wave move developed and it might have ended as a truncation as the second interaction with the 0.236 Fibonacci level, especially considering that I’ve counted five waves in the mentioned increase made on 4th of May.
My primary count is still the one in which we are seeing the development of the 4th wave which will get invalidated if the price starts to move below the current level as the territory of the 2nd wave is below.
This is why an immediate increase would be expected from here with another higher high ahead before we see a higher degree pullback, potentially back to the significant horizontal support at $0.29405.
From yesterday’s high at $295.3 the price of Bitcoin Cash has decreased by 8.94% today measured to its lowest point at $268.9, but this was only a short spike as the price quickly came up to $284 level below which it is currently being traded.
On the Bitcoin Cash hourly chart, you can see that the price is still inside the symmetrical triangle as the correctional structure got prolonged. As this is a symmetrical triangle a breakout from both sides would be equally likely to occur which is also verified by the wave analysis.
As you can see we could either be seeing an ABCDE correction in which case a breakout to the upside would be expected or the correction is more complex in which case the B, C and D waves would be the X three-wave correction before the third one, in which case we are going to see a breakout to the downside.
Previous to the formation of the triangle a three-wave increase has been made with the first and the third wave exhibiting impulsiveness as they have developed in a five-wave manner. This could mean that the increase seen ended as a three-wave correction in which case the now seen structure would be the start of the higher degree move to the downside which we are going to see after the breakout direction is clear.
The market is showing the first signs of struggle as significant resistance points have been approached but another increase would be expected as the bulls haven’t been exhausted yet. The charts are showing the same scenario is likely which verifies the likelihood but after the minor increase ends I would be expecting the start of the bearish period.
- Source: First Appeared Here
- Published Time: 2019-05-08 16:55:26
The views and opinions expressed in the article Ethereum (ETH), Ripple (XRP), and BCH Cryptocurrency 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..
⚡️ Explore Our Cheap Efficient Cryptocurrency Advertising Services
We offer a variety of cryptocurrency advertising options including: Facebook posts, Twitter Tweets, Pinterest Pins, Web Banners, STO listings, Exchanges, Casino Banners, ICO listings, Article Links and Conference Landing Page Links!
Aren’t You Curious How’s Your Favorite Cryptocurrency Performing Today October 26, 2020?
Check out our price index page! Pick your favorite cryptocurrency to see its data; crypto prices, crypto market capitalization, trading pairs, buy or sell, analytics, charts, FIAT calculator, social media links, latest tweets and much more!