Bitcoin BTC/USD Forecasting:
From yesterday’s high at $9120 the price of Bitcoin has fallen to $8135 at its lowest point today which was a decrease of 10.8%. The price is currently being traded slightly above today’s low and is currently sitting at $8240.
Looking at the hourly chart, you can see that the price was in a sideways range from Monday before it attempted to move to the upside again but barely managed to exceed the previous high made last Sunday which ended as a failure with the price immediately dropping down. The price came down to its first significant support level which is the previous wave’s ending point and is considered to be the first wave out of the five-wave move on the Micro degree which the 5th wave of the Minute count.
As the price hasn’t entered the territory of the 2nd wave the possibility of another increase is still there as the 5th wave should develop. As the previous spike exceeded the prior high it could have been the 5th wave with the price, in that case, starting the expected higher degree downside move, but I don’t believe that it was as the price action looks more corrective in the horizontal sideways range. Also, the price hasn’t interacted with some of the significant resistance levels out of which the most significant one is the 0.382 Fibonacci level at around $9400.
If the price holds above the current support level at $8240 and starting moving to the upside again and manages to go back up above $8500 the possibility of another increase to the $9400 would be likely, but if it goes below the current support level and enters the territory of the lower range it could mean that the 5th wave ended with the price currently starting the expected downside move to some of the significant resistance levels for a retest of support.
Ethereum ETH/USD Forecasting:
From yesterday’s high at $290 the price of Ethereum has decreased by 15% as it came down to $246.55 at its lowest point today. The price has started recovering and is currently in an upward trajectory, being traded at $259.26
Looking at the hourly chart you can see that the price fell below the significant ascending trendline but quickly managed to pull back up above it but is still below the 0.236 Fibonacci level with whom the interaction is being awaited.
As the price came down below the significant Fibonacci level the interaction awaited would most likely end as a rejection, propelling the price into further downside movement. The price fell below the 1st wave’s ending point, entering the territory of the 2nd which means that the likelihood of another higher high before the starting downtrend has been invalidated.
The wave structure implies that we’ve seen the end of the five-wave move on every count which means that now a higher degree downturn is to start, and considering the seen impulsiveness in the last 24 hours, it could already have started.
This needs to be confirmed and the most significant confirmation level would be in my mind the interaction with the 0.236 level. If the price gets rejected there it would imply that there isn’t any more momentum to the upside and that the seller’s have taken control.
If we are seeing the starting downtrend this first move should continue dropping to the 0.382 Fibonacci level before a corrective move to the 0.236 Fib level where it would get rejected. This rejection would propel the price for another impulsive decrease and would confirm the starting downtrend.
Litecoin LTC/USD Forecasting:
From yesterday’s high at $119.84 the price of Litecoin has decreased by 13% as it fell down to $104.225 at its lowest point today. This decrease is showing impulsiveness in its movement which could mean that the higher degree correction has started.
On the hourly chart, we can see that the price fell below the horizontal support at $109.35 and is currently being traded inside the lower range but is still above the presumed 3rd wave’s ending point where it found some temporary support. Looking at the Elliott Wave count you can see that I would be expecting that this downfall would continue for a bit longer with the price coming down to $100.6 before coming back to the broken horizontal support level for a retest after which it would continue moving to its significant resistance zone at the 0.382 Fibonacci level.
If this movement develops like expected it would mean that the higher degree downturn has started and we have seen its first wave developing as corrective one. There is still a possibility that the price could continue moving to the upside for another minor increase but the wave structure implies that the bullish upswing ended as I have counted 5 waves out of the last ending wave of a higher degree.
$109 horizontal level is a highly significant one as it could be viewed as a horizontal pivot point as it was the most significant horizontal support level since the start of the bear market until June 2018 when it finally got broken. The price managed to go above it from Monday but hasn’t come to the next significant horizontal resistance level which in conjunction with the previous one is forming a resistance zone. As the price entered the sellers’ territory, strong sellers pressure led to a decrease of around 13% below $109 and I don’t believe that is going to go above it now that the decrease has been made. A retest of its resitance could initiate another round of selling which would confirm that the price of Litecoin has reached its high.
The prices of the major cryptos are starting to show signs of weakness as they’ve decreased impulsively in the last 24 hours. This could mean that the expected downtrend has started but a clear confirmation is still awaited.
Even if the price is to continue moving to the upside I would expect it to continue doing so for much further as the prices have reached their significant resitance zones. Another move to the upside might just spark the expected sell-off as it would enter the sellers’ territory, triggering another round of selling.
- Source: First Appeared Here
- Published Time: 2019-05-31 16:21:00
The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Price Prediction: Today’s 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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