Bitcoin (BTC) Live Price and Analysis
From yesterday’s open at $7508 the price of Bitcoin has recovered slightly but hasn’t come up above $7865 where it found minor resistance. The price is currently being traded at around those levels as another attempt is being made for the price to exceed those levels.
On the hourly chart, you can see that the price action of Bitcoin formed an ascending triangle from yesterday’s open as higher highs have been made but the resistance remained at the same horizontal point as the sellers are putting pressure there. Prior to the formation of the current cluster, we have seen a decrease of 14.52% in a five-wave manner which is the third wave to the downside from last Thursday.
This indicates that now we are likely to see a recovery as the 4th wave would be the one to the upside and the previous five-wave one has ended. This is why I would be expecting a breakout to the upside from the currently seen cluster. If the price goes to the purple interrupted level at $8140 and gets rejected there it would mean that the small recovery was the 4th wave out of the higher degree five-wave move which started last Thursday when the first significant downfall of over 9% has been made and would be a stronger indication of the starting downtrend with the price forming another lower low.
If the increase continues past the mentioned level it would mean that the decrease seen from last Thursday ended as a three wave move in which case the decrease was seen could still be the part of the 4th wave of the Minute count with another higher high ahead and potentially an interaction with the 0.382 Fibonacci level. But if the price gets rejected at around $8500 it could mean that a more complex correction has started to form.
In either way, the price of Bitcoin is expected to go significantly lower after some recovery has been made as the 5th wave of the Minor count has been completed or is near completion. The most significant support zone with whom the interaction would be awaited would be at around $6250 which was a major resistance point on the way up and highly significant horizontal area. If the price breaks the level and continues moving to the downside the next significant support area would be at $4300-4100 but we are yet to see if the seller’s momentum would be strong enough to push the price that low.
Litecoin (LTC) Live Price and Analysis
The price of Litecoin has been decreasing from Monday with strong momentum. The cryptocurrency has depreciated in value by 14.61% from Monday’s high at $115.52 to the low at the yesterdays open at $98.64 which is the weekly low so far. The price is currently being traded at around $104 as it found some temporary support.
On the hourly chart, you can see that the price of Litecoin interacted with the still unconfirmed ascending trendline after which it started forming a cluster above the level which is now starting to look like an ascending triangle with the price stuck below $105.455 resistance level from the upside but higher lows have been made. This indicates that the buyers are trying to make a recovery buy the sellers are putting strong pressure on the same horizontal level.
If the buyers manage to catch up some traction and regain control temporarily we are going to see a breakout to the upside from the currently seen ascending triangle but I don’t believe that the upward movement would continue past the next significant resistance point which would be at around $109.35 which is the significant horizontal level above which it is considered to be the sellers territory. The next significant resistance point would be at the formed expanding channel to the downside but if the price takes some time to get to the upside it could bring this level lower since it is a descending one, closer to the previously mentioned significant horizontal one and would eventually intersect it.
Last Thursday we have seen the end of the five-wave impulse to the upside which is the sub-wave of the higher degree 5th wave of the Minute count. If this impulse wave ended it means that even a higher degree count has completed with the price starting a downside movement either as a correctional one or a higher degree downtrend. The first significant support zone I would expect to see the price of Litecoin after a corrective upside movement would be at around $83 area, but if we are seeing the starting downtrend this support point would only be the first one with the price eventually going below it as well.
EOS Live Price and Analysis
From Saturday the price of EOS has been in a downtrend and decreased by 29.7% coming from $8.6 to $6 at its lowest point of the week on yesterday’s open. The price has started recovering since but has only come up to $6.52 before showing signs of struggle as the sellers have pushed the price back to $6.27 level again with the price currently being traded there.
Looking at the hourly chart, you can see that the price is looking for support around the 0.236 Fibonacci level as it came below it on yesterday’s open but quickly pulled back up and has been retesting it since. The price prior to the downfall made a higher high coming to $8.66 at its highest point which was the ending of the 5th wave from every count which means that we are seeing the development of the downside move which follows the completion of the impulsive move.
Now that the price has decreased by over 29% in one go, we are likely to see a recovery attempt. The price fell below $6.8 significant horizontal support so interaction with it from the downside for a retest of resistance looks likely but the price could continue moving above it if the buyers catch enough momentum and if the price continues moving above it the next significant level would be around half range of the previous decrease which would be at $7.33.
After this recovery ends, more downside would be expected for the price of EOS if the downtrend has started with the next significant support zone being at around $4.6
The prices of the major cryptos have been in a recovery from yesterday’s open but struggled to exceed the minor horizontal resistance which caused the formation of a cluster. A breakout to the upside would be expected but now for much longer as the first significant resistance points are very close.
I would be expecting to see that the prices get rejected at those first resistance points and propel the price into further downside trajectory.
- Source: First Appeared Here
- Published Time: 2019-06-06 16:31:40
The views and opinions expressed in the article Bitcoin (BTC), EOS, and Litecoin (LTC) Price Prediction: Cryptocurrencies Top Market Forecast 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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