From Friday’s open at $5187 which was also the lowest the price has been from 16th of April, we have seen an increase of 6.75% on Sunday when the price came up to $5537.6. Since then the price has been in a minor downtrend and has led the price to spike slightly below the $5400 level around which the price is currently being traded.
On the hourly chart, we can see that the price of Bitcoin fell to the significant ascending support level on Friday’s low where it found support, as the price came spiking to the upside after the interaction has been made. The price increased in a three-wave manner to the upside until it came up to the horizontal resistance level at around $5562 where it found resistance and started moving to the downside.
The price action is forming another minor descending expanding triangle which could be the fractal of the previous higher one made by the corrective structure labeled as the first ABC after the impulsive 5th wave ended. As after Friday’s low which was the ending point of the first ABC we have seen a three-wave move it could be the second ABC correction to the upside from out of the higher degree three-wave correction. This means that now seen expanding triangle could be the starting structure of the third ABC correction and considering the fractality it looks likely.
If this is true, then we are going to see another interaction with the resistance level of the expanding triangle around the $5460-5470 level which is also a minor horizontal significant level before another move to the downside which would be likely to end on the significant ascending trendline – the support level from the ascending channel of a higher degree. As the price is still inside its territory we might be seeing the start of a breakout to the downside which we are going to see from the expected interaction with the ascending trendline.
From Friday’s low at $154.9 the price of Ethereum has increased by 7.19% over the weekend as it came up to $165.59 at its highest point on Sunday. Since then, the price has started moving to the downside and spiked down to the $157 level at its lowest point today but has recovered slightly and is currently being traded at $159.
Looking at the hourly chart you can see that the price of Ethereum has fallen below its significant ascending trendline which was the major support level on the way up but landed on the lower one where it did found support.
These ascending trendlines are in conjunction with the upper interrupted one constituting an ascending triangle seen on the higher time-frame in which the price action is developing from 15th of December and is considered to be a corrective structure before further downtrend continuation.
The price fell to the support level at around $147 on Friday which is the presumed first wave’s ending point and the beginning of the 1st wave out of the five-wave move to the downside. As the price quickly increased impulsively after an interaction we might be seeing the start of the next move to the upside which is set to go for interaction with the ascending triangle’s resistance level above which would bring the price of Ethereum to around $200.
Another low might occur before we see the start of the expected upside movement but only again to the $147 horizontal support as if the price continues moving lower the count would get invalidated.
The price of Ripple has increased by 7.54% over the weekend as it came up from $0.28953 on Friday’s open to $0.31137 at its highest point on Sunday but after the price came up to those levels it started decreasing again with strong momentum to the downside and came down by 3.77% to $0.29983 at its lowest point today.
The price is currently being traded above the $0.3 level and could likely continue increasing as the descending trendline from the channel inside whose territory the price is bouncing from 3th of April. This would lead the price of Ripple back to $0.313 level where the minor horizontal support level is now serving as resistance.
On the hourly chart, you can see that the price is in a descending channel and has made a three-wave move which has been labeled as a WXY correction. Counting the sub-waves I think that the Y wave ended on Friday’s low, but I don’t believe that we have seen the end of the downside move.
Most likely the correction is going to end as a five-wave correction with the increase was seen over the weekend is the second wave X. This means that after an interaction with the descending channels resistance level another strong downfall would be expected below the significant horizontal support level at $0.29405 which got surpassed to the downside on Friday.
If this occurs the price is likely to go to the 0 Fibo levels at $0.2852 which is the next significant support level and the beginning point of the corrective increase from 15th of December but if the price starts moving below it the next target would be at around $0.266 which is 6.87% lower from the 0 Fibonacci level.
The cryptocurrency market has been in a sideways range over the weekend but an increase has been seen from Friday’s opening which was also the lowest point the market has been from 16th of April.
This sideways increase was most likely consolidative after the initial drop seen on Wednesday which is why another downfall would be expected as it is likely going to end as a temporary stop before the trend continues for another low.
As the prices have fallen today a minor increase could be seen but only as of the continuation of the corrective increase we have seen over the weekend before another impulsive move to the downside starts.
- Source: First Appeared Here
- Published Time: 2019-04-29 18:03:35
The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Price Predictions: Today’s Forecast 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.. Connect with 48coins on Facebook and share your thoughts about the post Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Price Predictions: Today’s Forecast Analysis Here are some top prominent words: ascending trendline; expanding triangle; highest point on sunday; horizontal support; horizontal support level; interaction with the ascending; move to the downside.
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