Bitcoin BTC/USD Price Watch

On yesterday’s open the price of Bitcoin was $6140 we have seen an increase to $6300 area but a decrease afterward to $6180 level. From there the price started increasing again and has come up to $6300 around today’s open and continued increasing until it reached $6438 which is the highest point today.

Looking at the 15-min chart, we can see that the price of Bitcoin came up to the projected level but has managed to go slightly above it. As the price has encountered resistance, indicated by the formed cluster, we have seen a minor retracement staring to develop. The price currently in a descending movement but the further increase could be expected as the C wave of the presumed ABC correction is to develop.

The C wave could have ended as I see a five-wave move but its degree is still unclear as it could be the 3rd wave from the higher degree. The price has entered the seller’s territory above $6256 which was pointed out as a likely scenario in my previous posts and considering that we are seeing the last stages of the five-wave impulse from the Minor count I believe that the sell-off will start very soon.

This would be the end of the WXY correction from 15th of December which developed as a retest of the significant horizontal support around $6250 which got broken on 14th of November last year when the price of Bitcoin came down from $6500 to $3226 in two goes. In the first go the price dropped from $6477 to $3694 in 14 days which was a 42.96% decrease and after recovering to $4448, continued decreasing for another 27.65% to $3226. Considering that now the price took 147 days to recover back to the broken support level I am certain that we are seeing a corrective move which is why I believe that now as we are seeing the completion of the Y wave from the WXY correction further trend continuation to the downside.

This will be verified by the price behavior at certain key support points when the price starts going to the downside but for now, in, either way, I would be expecting the start of a downtrend.

Ethereum ETH/USD Price Watch

From yesterday’s low at $171.13 the price of Ethereum has increased by 3.79% measured to today’s high at $177.62. Since then the price has pulled back and is currently being traded at $174.5 and is still in a downward trajectory.

On the hourly chart, we can see that as the five-wave impulse ended so did most likely the 5th wave from the Minor count which is the Y wave from the higher degree WXY correction. If this is true then the move to the downside that started after the price got rejected by the $187 horizontal support level now verified as resistance, if the start of the downtrend of a higher degree.

You can see that the price fell down in a five-wave manner indicating impulsiveness and has since formed a three wave correction to the upside which is labeled as an ABC and could be the 2nd wave of a higher degree move if we are seeing the beginning of the downtrend.

The other possibility would be that the price action formed a since ABC correction out which ended on the yesterday’s low in which case the increase seen today could be the start of the next impulse wave if the 5th wave hasn’t ended.

This will soon be verified as if the price continued moving below the current level it would mean that today’s increase ended as a three-wave move and is the C wave like depicted on the chart above, but if the price find support here and continued increasing above the labeled descending resistance level the increase would end in a five-wave manner which will increase the likelihood of another impulse wave to the upside.

Litecoin LTC/USD Price Watch

From yesterday’s high at $78.433 the price of Litecoin has decreased by 6.03% today, measured to its lowest point at $73.7. Since then, recovery has been made with fast momentum as the price increased to $79 which was a 7.19% increase in a matter of 15 minutes.

The price is currently being traded at $76.3 as the spike to the upside was an interaction with the descending resistance from the triangle in which the price is correcting from Saturday. The correction developed after the price broke out from the descending triangle of a higher degree but since it hasn’t developed in a five-wave manner and rather ended on a three-wave move this breakout will most likely not continue pushing the price further to the upside.

After the presumed ABC to the upside ended we have seen and lower degree ABC move followed by a five-wave move to the upside after which another ABC correction developed. These three structures could have constituted a higher degree three wave correction in which case today’s increase could be the beginning of the next move to the upside that is set to push the price for a breakout to the upside, but as the price got rejected by the descending triangles resistance and considering that the price hasn’t interacted with some of the significant support levels I believe that further downside movement should be expected to around $72 level or even further below.

Even if we see a breakout to the upside from the descending triangle I think it could be the third wave out of the higher degree move to the upside out of which the first ABC correction to the upside would be its first wave. As the price is now in a downward trajectory we are going to see if the projection holds, as if the price falls below $74.5 I would consider changing it.

Conclusion

The cryptocurrency market has increased slightly in the last 24 hours but the increase seen hasn’t changed the big picture and only interacted with the significant resistance levels seen on the price charts of the major cryptos covered in today’s analysis. As the decease started from its momentum and depth we are going to see and evaluate the potential of the further increase but for the the picture still looks bearish.

The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Forecast Price Analysis: Crypto Market Outlook 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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