Bitcoin BTC/USD – Price Watch February 21
From yesterday’s low at $4054 the price of Bitcoin has fallen by 1.52% as its currently being traded at $3994. The price has spiked up today to $4138 but the rise ended quickly as it came up leaving a wick on the hourly chart.
On the hourly chart, you can see that the price of Bitcoin managed to go past the bold black line which was the most significant resistance line to the upside and interaction with the 0.786 Fibonacci level was made today but only as a quick spike.
This was expected as the price was still in an upward trajectory inside an expanding ending diagonal which indicates top but also an attempt from buyers to keep up the momentum going. Since the interaction with the upper resistance line of the current range, the price has started falling again as the selling was triggered and the price is currently sitting on the $3994.4 horizontal support level where it is looking for support.
The support where isn’t going to hold for much longer as the level isn’t that significant and as the impulsive move to the upside ended a retracement is now expected for the price of Bitcoin, which would most likely end as an interaction with the bold black line.
The wave structure implies that another increase should be expected as the 5th wave is to develop, but considering that the Minor correction’s ending point is still unclear we could have seen the end of the 5th wave.
Depending on the depth of the correction we are going to see if the price has ended its upward trajectory or are we going to see one more increase in a form of the correctional wave’s prolongation.
Ethereum ETH/USD – Price Watch February 21
From yesterday’s high at $151.93 the price of Ethereum has been decreasing and is currently 3.61% lower as its being traded at $146.89 at the moment.
On the hourly chart, you can see that the price of Ethreum has started its retracement in a form of a descending channel which is still unconfirmed as another interaction with its support line is expected before a confirmation.
The price has started moving sideways slightly to the downside which is an early sign of consolidation that is set to push the price higher after it ends. The depth of the correction is still unknown but first, the most optimistic target would be at the $141 area where a minor cluster was formed when the price was in the upward trajectory.
The second and the most optimal price target would be at the 0.618 Fibonacci level where some support could be found, but if not the most pessimistic target price before my count get invalidated would be at the 0.5 Fibo level.
After the 4th wave ends one more increase would be expected as the 5th wave should start developing to the upside which would mark the end of the Intermediate WXY correction and the trend continuation should start as the price would continue moving to the downside with new lows ahead.
If the correction gets prolonged by two more waves we might see further increase before this expected trend continuation but on that in due time.
Litecoin LTC/USD – Price Watch February 21
From yesterday’s high at $53.685 the price of Litecoin has fallen by 8.93% today measured to its lowest level today at $48.891. The price is currently sitting a bit higher as it is searching for support on the lower level off of the resistance zone but hasn’t managed to pull back up which is why it is likely heading down now.
Looking at the hourly chart you can see that the price of Litecoin has met my target as the 5th wave fully developed it came up to the horizontal support zone’s median line now serving as strong resistance. The horizontal range has been entered but since the interaction with the median line yesterday, the price has quickly started falling and came down by 6.76% in a matter of hours, indicating that the price has indeed entered the sellers’ territory.
Considering the fact that I have counted the end of the impulsive move and the fact that the price has come inside the resistance range we are likely to see a retracement now. For now, the entire structure has been labeled as a Minor WXY correction and if it ended on the Y wave we are now going to see a continuation which is why new lows could be expected for the price of Litecoin, as this was only a minor recovery.
The recovery might not have ended as we could see a prolongation with two more waves, but in either way when it ends, I would be expecting new lows. Currently, the price has found support on the horizontal range lower level so if the support isn’t there we could see a breakout to the downside today.
EOS/USD – Price Watch February 21
From yesterday’s high at $4.06 the price of EOS has fallen by 6.4% to its lowest point today at $3.7464 when the price fell quickly and steeply.
Looking at the hourly chart you can see that the wave structure looks similar to that of Litecoin as the 5th wave to the upside was most likely ended and with it the Intermediate Y wave out of the WXY correction. Now a retracement should be expected as the price increased by 151.8% in total from the start of the correction when the price of EOS was $1.57 at its lowest point.
The downside move that is now expected could be either a prolongation of the mentioned correction in which case we are going to see another increase before it ends as the Z wave should develop to the upside or the correction ended which is why now we are going to see a continuation.
The 0.382 Fibonacci level would be the first significant support line so if it holds we could be seeing the second X wave, but if the price manages to go below it the most likely scenario is that the correction ended and that further lows would develop.
Current Crypto Market – Price Watch February 21
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The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and EOS Price Watch February 21 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.