Bitcoin BTC/USD Market Analysis 30 Apr 2019

From last Monday when the price of Bitcoin was $5266.5 at the open we have seen an increase of 7.27% until Wednesday when the price came up to $5649. Since Wednesday the price of Bitcoin experienced a downfall below Monday’s open as the price came down to by 8.23% at its lowest point on Friday when it was sitting at $5185 at the open and even spiked lower to $5056. Over the weekend we have seen another increase as the price started recovering but the increase ended on Sunday when the price reached the horizontal resistance at around $5562 from where another minor downtrend has started.

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On the hourly chart, you can see that the price action formed an expanding triangle from Sunday until today as the attempt for a breakout to the upside is currently being made. The price looks like it found some strong resistance as indicated by the wick from the upside seen on the last hourly candle so we are yet to see if the attempt ends as a fakeout.

As Wednesday’s high was most likely the 5th wave out of the five-wave impulse to the upside we could be seeing the correction of a higher degree starting to develop in which case the two outlines structures would be its two sub-wave and is why they have been labeled as two ABC corrections. The weekend’s increase has developed in a three-wave manned and as the price fell below the $5416 level and entered the territory of the B wave it confirmed that we aren’t seeing a five-wave move to the upside developing but that the increase indeed ended as a three-wave correction.

The price is still inside the territory of the ascending channel with whose support level the price interacted on Friday’s low, so we could still be seeing the development of the same correctional structure that started on 3rd of April. This would mean that the 5th wave hasn’t ended but since I’ve counted five sub-waves I think that it has which is why now I would be expecting a breakout to the downside which would be the 4th wave of the higher degree with another and the final increase expected after.

Ethereum ETH/USD Market Analysis

From Friday’s low at $154.53, the price of Ethereum has increased by 7.56% measured to the level the price is currently being traded which is at $166.5. The increase made was a recovering one as the price previously fell by around 13% from $177.48 at its highest point on Wednesday last week.

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Looking at the hourly chart you can see that the price of Ethereum came down to the minor horizontal level on Friday which was the previous range resistance level where interaction has been made.

The price found support there as immediately after the price experienced gains but has now come to the significant ascending trendline which is serving as resistance. Ethereum’s price has been in a descending channel from 8th of April so now that it has interacted with its support level on Friday an interaction with the resistance would look likely.

As we are seeing the price struggling to keep up the upward momentum it might not reach the channel’s resistance before another downturn starts. The Friday’s spike to the downside could have been a retest of the 1st wave’s ending point in which case the seen increase could be the start of a breakout to the upside as the correction ended but it looks like the price is still in the corrective stage, considering the wave structure.

If we see an immediate downfall from here as significant resistance has been reached another retest of the horizontal level at $148.2 would be expected before the 5th wave starts but if the price continues moving above the current resistance and breaks from the descending channel we could be likely seeing the development of the next impulse wave.

Ripple XRP/USD Market Analysis

From last week when the price of Ripple was sitting around $0.33 at its highest, we have seen a decrease of 12.37% until Friday’s low at $0.28952. Over the weekend the price has started recovering and came up to $0.31209 but from there again fell to the $0.3 level yesterday.

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From yesterday’s low at around $0.3 the price of Ripple has started increasing again and came up by 6.12% today, reaching $0.32 and spiking even further up. On the hourly chart you can see that the price attempted to breakout from the territory of the descending channel in which it was since 3rd of April but clearly found strong resistance around the 0.236 Fibonacci level which intersects some of the significant support levels that were broken with strong momentum and are now serving as strong resistance points.

The correction from 3rd of April might have ended as I’ve counted the sub-waves and believe that the Y wave ended but since the increase from Friday looks three-wave-ish we could be seeing the prolongation of the mentioned correction in which case the weekend’s recovery would be the second wave X. This means that another move to the downside for a lower low could occur, but that will soon be validated by the price action movement as if the price continues moving to the upside and finds support around the current levels we have likely seen the end of the correction.

If the price, however, starts immediately dropping and enters the territory of the descending channel we are likely to see another lower low before the correction is over, and the most likely target would be below the 0 Fibonacci level which is the starting point of the correction of a higher degree that started on 15th of December.

Conclusion

The market is still showing corrective price action movements even though a slight increase has been seen on the charts of the top 3 major cryptos. This increase could again be the start of the expected move to the upside but as some of the key resistance points have been reached an immediate downtrend is expected.

The views and opinions expressed in the article Cryptocurrency Price Predictions and Forecasting 30 Apr 2019 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.. Connect with 48coins on Facebook and share your thoughts about the post Cryptocurrency Price Predictions and Forecasting 30 Apr 2019 Here are some top prominent words: click above to see; correction of a higher degree; descending channel; full-size image; level the price; market analysis; price continues moving.

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