From yesterday’s open at $8062 the price of Bitcoin has decreased by around 7%, measured to the lowest point the price has been today which is at $7496.6.
Looking at the hourly chart, we can see that the price broke the minor horizontal resistance level which started yesterday as the first move down went below the level after which another attempt has been made for the price to keep up the upward trajectory, but the descending trendline validated itself as a resistance point yet once again, before the price collapsed below the significant horizontal level at $7887, and is currently being traded at around $7600.
The price has gone to the ascending trendline like expected for interaction but only as a quick spike for now but further interaction could be expected with the hourly candle closing on its levels. This ascending trendline is the first support point the price has encountered on the way down. Now that the price is in a downward trajectory we are going to see if the weekend’s increase was corrective or impulsive as if the price holds above the $7428 level it could be impulsive.
We are most likely seeing a continuation of the last week’s downside movement which was made in a five-wave manner but the move could also very well be the 4th wave from the impulsive wave to the upside. The first scenario looks more likely to me as from here I would be expecting further downside below the ascending trendline and in a five-wave manner similarly,like we’ve seen last week which would result in the price going back to $7000.
From yesterday’s high at $259 the price of Ethereum has decreased by 9.94% as it came down to $233 at its lowest point today.
On the hourly chart, you can see that the price of Ethereum has fallen today to the ascending trendline like expected previously but hasn’t gone below the prior low made last week on Friday.
Now that the price came down to those levels, it found support as indicated by the price action in the last couple of hours and is now likely headed to the upside as the 4th wave correction ended.
Another possibility would be that the price is yet to continue moving further to the downside below the last week’s low in which case we could see it fall to $208 around the next significant support level, but for now we are yet to see how the price behaves on the way up.
From yesterday’s high at $91.53 the price of Litecoin has decreased by 6.16% and is currently being traded at $86. The price started moving with strong momentum to the downside on yesterday’s interaction with the horizontal support level from the prior upper range and continued on during the day.
On the hourly chart, you can see that the price of Litecoin has started falling below the second horizontal support level at $86.4 which is the ending point of the 1st wave of a higher degree. This means that the increase seen over the weekend was corrective as it ended as a three-wave correction. This was validated by the price going below $90.5 which was the significant invalidation point.
We are now most likely seeing the development of another downside move like we’ve seen last week after Thursday’s high was reached. Since the recovery that followed was correctional it could mean that another five-wave impulsive move is coming of an equal length and would be the third wave out of the higher degree correction if we haven’t seen the end of the five-wave impulse to the upside.
If we have seen end of the five-wave impulse to the upside the movement could also be the 3rd wave from the higher degree five-wave move to the downside as well, in which case the price of Litecoin is set to go further lower below $84.2 which is the second horizontal level below which is the starting point of the second wave of the higher degree move which the price cannot enter on the 4th.
From yesterday’s high at $6.334 the price of EOS has fallen by 9.64% as it came down to $5.72 at its lowest point today above which it is currently being traded.
Looking at the hourly chart, you can see that the price of EOS fell to the significant horizontal support level from the previous drop but came slightly below it and is currently retesting it from the upper side again. This could be an early indication that the price is headed lower to the next horizontal support level at $5.58 before the end of the downward move or even for a breakout to the downside.
We are most likely seeing the 4th wave from the five-wave move to the upside which is corrective in nature and after its completion another increase would be expected, unless the price continues moving down from here and goes below $5.34 which is the ending point of the 1st wave in which the price can’t enter on the 4th. If this price finds support higher then the mentioned level and starts increasing impulsively again the 5th wave would be expected to push the price above the prior high made on last Thursday which is at $6.81.
The prices have been falling in the last 24 hours and this downfall confirmed that the increase seen over the weekend is correctional in nature. As the decrease made is likely a continuation of the impulsive downside move made from last Thursday till Friday, we could see an equally strong move to the downside developing which could push the prices below the Friday’s low.
As this is correctional, after its completion I would be expecting another and the final increase.
- Source: First Appeared Here
- Published Time: 2019-05-23 16:04:40
The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), EOS, and Litecoin (LTC) Cryptocurrency Price Prediction 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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