Bitcoin BTC/USD Forecast
On Friday, the price of Bitcoin has been in a downward trajectory with strong momentum as the cryptocurrency decreased from $7917 to $7105.7 at its lowest point. From there the price has started increasing again and has continued doing so over the weekend until today’s open when the price reached $8215 which is an increase of 15.62% but since today’s open the price has started decreasing again and is currently being traded at $7881.
Looking at the hourly chart, we can see that the price of Bitcoin recovered the downfall which started last Thursday with the price getting close to the starting point of the mentioned decrease but has come slightly lower than its highest point before showing signs of weakness.
The downfall which started on Thursday was made in a five-wave manner and with the increase, after developing in three waves we could be seeing the development of the higher degree 5-3-5 correction after the 5th impulse wave ended.
The price action has formed a head and shoulders pattern with the horizontal level at $7890 serving as support which was also indicated by the large wick from the downside seen on the last couple of hourly candles. This could be the first sign that the price of Bitcoin isn’t heading higher on the currently seen upward momentum which started on Friday.
If we are seeing the development of the ABC correction after the 5th impulse wave ended the price is now likely to develop the C wave which would also be in a five-wave manner similar to the downside movement seen from Thursday to Friday.
If this occurs the price would likely find support on the still unconfirmed ascending trendline but if it goes below it and is developing an ABC correction it could end around $6980 area.
The other possibility would be that the decrease seen on Friday was the 4th wave retracement from the previous wave which would mean that the increase seen after is the ending 5th wave and is likely to continue moving further up, but in either way, I would be expecting a retracement first.
Ethereum ETH/USD Forecast
The price of Ethereum has decreased from last Thursday to Friday by 17.29% but since the Fridays low at $230 the price started gaining upside momentum and has managed to recover by 14.4% measured to today’s open at $262.42.
As you can see from the hourly chart, the price recovered in a three-wave manner which could be the upward correctional movement after the impulsive downside move is seen last week ended with more downward movement ahead.
This will shortly be verified as the price is currently retesting the 1st wave’s ending point which if the price is on an impulsive rise cannot go below. If the price falls below the 247.33 level it would mean that the upward movement has ended as a three-wave increase and has been correctional in which case further downside would be expected.
But if the price holds above the level and continues immediately increasing from here I would mean that the last week’s downfall was a retracement before further upside continuation. As the price of Ethereum has previously broken out form the ascending channel with an impulsive parabolic move the downfall that followed is likely to continues and would result in the retest of the broken resistance level for support.
The question of whether or not we’ve seen the end of the impulsive move of a higher degree altogether is still there but it will shortly be verified by the price action movement.
In the most optimal scenario, I would be expecting a downside move from here to the broken resitance level which would in price terms be around $228 before another and the final run-up from the impulsive move which started on 26th of April and is the ending wave of a higher degree, after which a higher degree downside move would be expected.
The other possibility would be that the impulsive move to the upside ended in which case the last week’s decrease would be the star of the mentioned higher degree downside move but since the price hasn’t gone below $228 level this is still unconfirmend.
Litecoin LTC/USD Forecast
Last Thursday, the price of Litecoin came up to $106 at its highest point from where a decrease of 19.31% has been seen until Friday as the price came down to $85.564 at its lowest point. As Friday’s low was made to the significant support area the price started recovering and came up over the weekend by 12.42% measured to today’s open at $96.187. Since today’s open the price has started moving to the downside again and is currently being traded at $91.2.
On the hourly chart, you can see that the price came down to the horizontal support zone around the vicinity of the ending point of the first wave which broke out for the descending channel on the 30th of April which could mean that it was the 4th wave out of the five-wave impulsive move. It is presumed that the impulsive move ended on Thursday especially considering that the price started decreasing fast with strong momentum in which case we are seeing the correctional structure developing or even the higher degree downside move.
This will soon be verified as the LTC price is now in an upward trajectory and has developed a three-wave structure which if corrective has ended with the price now headed to the downside which already started. But as it is holding above the Friday’s high which is the first wave of the now developing move it could very well be the 4th wave of the next five-wave move to the upside.
If the price manages to hold above $90.51 and starts moving to the upside above today’s high at $96.56 we are likely seeing another impulse wave which would be the ending one, but if it continues its downward trajectory and starts moving below $90.51 we are most likely seeing further downside movement below the horizontal support zone.
Complete Crypto Market Overview:
The prices of the major cryptos have seen shart decrease last week, followed by a recovery over the weekend. This movement could be interpreted either as a retracement before the start of another and the final impulse wave after which a higher degree downside move would be expected, or it could very well mean that the expected higher degree downside move has already started with the weekend’s recovery being corrective..
- Source: First Appeared Here
- Published Time: 2019-05-20 15:16:13
The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Price Prediction: Crypto Market 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..
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