Bitcoin BTC/USD Price Analysis
From Monday’s low at $5385 the price of Bitcoin has increased by 6% measured to today’s high at $5710 which is the highest point the price has been since the start of the week.
Looking at the hourly chart, we can see that the price again came up to the significant resistance point as an interaction with the ascending interrupted trendline has been made. This interrupted trendline is the resistance line of the still unconfirmed ascending channel seen on a higher time-frame and is considered to be the outline of the corrective structure which started on 15th of December.
Now that the price came up to those levels and I have counted 5 waves out of the last increase seen from Monday we are now most likely going to see a pullback or the start of the higher degree move to the downside.
The price is still inside the territory of the ascending channel made from 3rd of April which is considered to be the correctional structure after the 3rd wave of the Minor count ended, so after its completion, I would be expecting another and the final wave to the upside.
Before that can happen the correction should develop fully and as I’ve counted the sub-wave I think that before the price could continue above the currently interacted resistance levels a pullback to its support level should occur or even a breakout to the downside.
Considering the vicinity of the significant horizontal resistance level at around $5806.7 we might see further increase for interaction with the level before the start of the sharp downfall and will correlate with the interaction of the ascending channels resistance from 3rd of April.
Ethereum ETH/USD Price Analysis
The price of Ethereum has increased by 9.48% from Monday’s low at $157.63 to $172.57 at its weekly high made yesterday.
The price has reached the descending trendline on yesterday’s high which is the upper outline of the descending channel in which the price action is moving from 8th of April. As the resistance was found at those levels a minor pullback occurred but the price hasn’t fallen below the minor horizontal support at the prior high level before it started increasing again.
As I’ve counted five waves from the increase that started on Monday it looks like it has ended or we are seeing the development of the 5th wave. In either way, since the interaction has been made with the significant resistance level now the price is expected to go to some of the significant support levels for a retest before a breakout to the upside could occur.
If the movement seen from last Friday is still the part of the same correction from 8th of April we could see another downfall to the significant horizontal support level which was interacted with on Friday’s low, but if the correction ended on the Y wave the increase seen from Monday could be the first wave out of the expected 5th wave impulse of the Minor count.
Litecoin LTC/USD Price Analysis
From Monday’s low at $69.42 the price of Litecoin has increased by 12.86% measured to yesterday’s high at $78.37 which is the weekly high so far. Since yesterday the price has fallen to $75.8 as a minor retracement has been seen but the price started increasing again and is currently being traded at $77.8.
On the hourly chart, you can see that the price of Litecoin ended its WXY correction to the downside which started on 3rd of April as the resistance trendline from the corrective structure has been broken with strong momentum and I have counted the sub-wave of the structure. The price is currently retesting the horizontal resistance at the prior support around the vicinity of the W wave’s ending point which proved to serve as resistance on the yesterday’s interaction as after the interaction has been made a minor pullback occurred.
Looking at the increase from Monday I think that we are currently seeing the development of its 5th wave which could end as a truncation considering the resistance found at around $78 but the increase could continue for a bit further as there is still more room to go. In either way, since the increase is soon to end a higher degree pullback would be expected which if the price behavior is impulsive is going to be the 2nd wave of a higher degree and is likely to end as a retest of the broken descending resistance level.
The target price for the expected decrease would be around the purple interrupted level around $72.4.
EOS/USD Price Analysis
The price of EOS has increased by little over 10% from Monday’s low at $4.61 measured to yesterday’s high at $5.07 which is the weekly high so far. Like in the case of Litecoin the price has pulled back from yesterday slightly but started increasing immediately after and is close to the levels of the yesterday’s high at the moment as is currently being traded at $5.0199.
On the hourly chart, you can see that the price has ended its Y wave from the WXY correction that started on the of April and came down to the significant horizontal level at $4.58 for a retest of support. As the support level got retested and proved to serves as support once again an immediate correctional increase occurred before the one from Monday.
The price currently above the minor horizontal support level at $4.9 and still inside the territory of the ascending channel which is why this movement could still be the part of the same correctional structure but as the price moved impulsively from Monday I think that more likely we have seen the end of the correction.
If this is true, then the price of EOS is now headed for another higher degree increase above the prior high at $6 but further confirmation is awaited and will be seen either as another retest of the support level at $4.58 or would preferably end a bit higher if the increase seen from Monday is the first wave out of the higher degree impulse in which case the price cannot go below the Monday’s low level.
The cryptocurrency market has experienced an increase from Monday which appears to be over as the charts of the major cryptos are showing signs of the significant resistance reached. This increase broke in some case the downtrend resistance and as the correctional counts are showing we might be seeing the start of the expected final impulsive wave to the upside, but the increase could very well be the part of the same correction that started on 3rd of April which is why we are still to await a clear confirmation in the form of a breakout.
- Source: First Appeared Here
- Published Time: 2019-05-02 15:19:09
The views and opinions expressed in the article BTC, ETH, EOS, LTC Price Predictions Analysis 2 May 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..
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