Bitcoin (BTC) Live Price and Forecast
From yesterday’s high at $8742, the price of Bitcoin has decreased by around 10% today as it came down to $7856 at its lowest point. Over the weekend we have seen the price reaching $8970 and has expected to continue potentially increasing for another minor higher high and interact with the 0.382 Fibonacci level at around $9400 after the higher degree downturn starts.
The price has fallen below the significant horizontal support at $8500 and broke the ascending support trendline made by the previous upside move. This could be an early indication that the expected downturn has started as the price fell outside the territory of the ascending structure in a three-wave manner. The interaction with the 0.382 Fibonacci level might still occur but it looks less likely at the moment as the five-wave impulse looks like it ended.
If we have seen the completion of the five-wave impulse which is the sub-wave of the 5th wave from the Minor degree the decrease seen from last Thursday could be the starting downtrend with the first three-wave structure developing to the downside. As the price bearly made a higher high last Thursday coming up spiking it looked like another increase would occur. This could still happen if the ascending structure is still the 4th wave’s correctional movement developing but as the price fell to the 2nd wave’s ending point it will more likely not happen.
The price is now expected to go down to some of the broken resistance levels on the way up, out of which the first significant zone would be around $6250.
Ethereum (ETH) Live Price and Forecast
The price of Ethereum has decreased by 9.77% from yesterday’s high at $269.65 to today’s low at $243.31. The price is currently being traded at $250 and is trying to start recovering with the clear signals of some temporary support reached, indicated by the large wick on some of the hourly candles.
Looking at the hourly chart, you can see that the price has made a lower low which could be an early indication that the downtrend has started after the price completed its five-wave move to the upside.
The price fell inside the territory of the ascending structure which was broken and now that it has it will likely go to its support levels around the intersection with another significant ascending trendline.
This would bring the price of Ethereum back to about $213 but if we are seeing the higher degree downtrend like presumed the price is headed significantly lower after some upside correctional movements.
Ripple (XRP) Live Price and Forecast
The price of Ripple has decreased by 12.36% from yesterday’s high at $0.46 as it came down to $0.4035 at its lowest point today. The price is currently being traded at around $0.412 slightly above today’s low. As the shart decrease has been made it could be an early indication of the starting downtrend which was expected but the price hasn’t exceeded the previous high last Thursday which makes this possibility still in play.
Looking at the hourly chart, we can see that the price of Ripple fell below 0.786 Fibonacci level which served as support but hasn’t come down to the 0.618 Fibonacci level. This means that unlike in the case of Bitcoin, the price of Ripple hasn’t entered the territory of the 2nd wave out of the last impulse to the upside and we could potently see another increase from here if this movement is the 4th wave’s correctional structure.
Interaction with the 1.272 was expected before the starting downtrend and as the price hasn’t gone above the May 16th high it could still do so. The other possibility would be that the 5th wave ended as truncation with the last Thursday’s high being its end in which case the three-wave movement seen from there would be the first structure out of the starting downtrend. If this is true we are now likely to see a higher degree move to the downside to some of the significant support level.
The most significant support level would be around $0.348 at 0.382 Fibonacci level which served as significant resistance on the way up, so if the price is to pullback for an establishment of support interaction with the mentioned level would be awaited.
Litecoin (LTC) Live Price and Forecast
From yesterday’s high at $115.674 the price of Litecoin has decreased by 12.48% as it came down to $101.23 at its lowest point today. A small recovery has been made since with the price currently being traded at around $105.7 and in an upward trajectory. On the hourly chart, you can see that a lower low has been made with the price going below the significant horizontal support at $109.356. Now we could see interaction with the level from the downside as a retest of resitance, considering that the price is in an upward trajectory after an impulsive move to the downside. If the price finds resistance there and gets rejected it could confirm the starting downtrend as above it would be the sellers’ territory and rejection at those levels would mean that the sellers have lowered their prices.
Last Thursday the price reached $120.8 at its highest point which was the ending wave from the upward impulse most likely so as it has completed this downtrend was expected to shortly start. If we are seeing the starting downtrend it would be the one of a higher degree as the 5th wave from the Minute count was the completion of the ending wave of the higher degree, Minor count.
Is now more downside would be expected for the price of Litecoin we could likely see in it back to 0.382 Fibonacci level at first before a significant upside correction which would bring the price to $85-81 area.
If we are seeing the higher degree downtrend developing the price would continue moving lower then that after an upside correctional move but it is still unclear how far it would continue.
Analyzing the chart of the top cryptos, it looks like the expected downtrend has started with the prices showing impulsiveness and have made lower lows. The confirmation would still be awaited and will be seen as a rejection from the broken significant horizontal support levels.
If we have seen the end of the bullish period the market would start to enter a bearing one which could result in lower lows out of the whole bear market but this will be evaluated in due time. For now at least interaction with the broken resistance point on the way up would be expected.
- Source: First Appeared Here
- Published Time: 2019-06-04 16:09:54
The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) Price Prediction Forecast 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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