Bitcoin BTC/USD Market Analysis
From yesterday’s open at $3643 the price of Bitcoin hasn’t changed much as measured to the current level at $3634 it has only decreased by 0.3% but the price went higher than the open to $3666 area and lower than the current level to $3592 before increasing again close to the levels of the yesterday’s open.
Looking at the 15 min chart you can see that the price of Bitcoin increased to the 0.382 Fibonacci level where it found resistance once again since the price already interacted with the level the day before and got rejected which is why a pullback started in the first place.
Currently, the price is again on an upward trajectory and has started pulling back slightly lower than the mentioned level as it hasn’t interacted with it today, which could indicate that the level might get broken as another increase is expected to take place after the current pullback ends.
The price might not get past the 0.382 Fibonacci retracement level as it served as strong resistance so another interaction that would lead up with further retreatment would be expected. If the price continues moving above the resistance line the target price for the expected ending point of the increase would be on the next horizontal level in line which is significant enough that will serve as resistance which is at $3720 (upper interrupted purple line),
In any way, as I said after the interaction, sideways movement is expected with finally one further impulsive move to the downside and considering that the current correction is expected to end on the upper side I would serve as a good starting point for the expected impulsive move.
Ethereum ETH/USD Market Analysis
From yesterday’s open at $120.41 the price of Ethereum has fallen to $118.23 which is a decrease of 1.78%. The price did go further down to around $117 were some support has been established but it spiked down also further below to $115.7 but only for a quick dip since the 15 min candle was left with a huge wick as it closed around the support area.
On the 15-min chart, you can see that the price managed to go above the 0.5 Fibonacci level but hasn’t managed to stay above it since it came back below it to the prior range support zone where it found some support.
The price is currently in an upward trajectory with the potential price target being around the vicinity of the Minuette W wave ending point around $121.28 or even slightly further up to around the support line of the previous range which now serves as resistance.
When the increase end I would be expecting further downside for the price of Ethereum since we have seen another corrective move to the upside resulting in a similar fashion and the sideways movement is the final wave.
The price target for the expected decrease would be to around $111 at first or even lower but the 0.382 Fibonacci level is going to serve as support so it will most likely be the the first stop in a downward trajectory.
XRP/USD Market Analysis
On yesterday’s open the price of Ripple was $0.32412. From there the price came down to $0.318 as it was in a downward trajectory until today. When the price came down to those levels it started increasing again much like we have seen on the charts of other cryptos and is currently at $0.32097 which is around 1% lower from the yesterday’s open.
The price fell back to the support levels of the prior range which you can see on the chart above and since it found the support it started increasing again as the buyers pushed the price back up.
But as the buyers encountered sellers at the previous uptrend support line when the price reached $0.32303 today it started pulling back to the horizontal support line at around $0.321 which is the X wave according to my Elliott Wave count.
This means that the upward move to the upside should be expected now that the price has pulled back which would be the Y wave from an Minuette WXY correction that started when the price of Ripple came down to $0.31566 on the 5th move to the downside.
The target price for the expected increase would be at the horizontal resistance area between $0.327-0.328 which is the prior range support with whom the price interacted with on two occasions which resulted in a rejection indicating that the area indeed serves as resistance.
When the increase ends that would be the end of the second X wave out of the Minor WXYXZ correction which is why another move to the downside is expected from there as the Z wave should start developing.
Bitcoin Cash BCH/USD Market Analysis
Yesterday the price of Bitcoin Cash has $128 on the open and from there the price increase at first to $134.1 but fell immediately after below the opening price and is currently sitting at $127.3
Looking at the hourly chart you can see that today’s increase was the end of the WXY Minuette correction as the price came up to the vicinity of the W wave ending point below the horizontal resistance level.
Since the correction ended so did the second X wave which is why now if the correction doesn’t get prolonged by two more waves we are going to see the start of the last wave Z from a Minor WXYXZ correction that is in play from 24th of December which would result in the price of Bitcoin Cash going to the next horizontal level I see fit to withhold the momentum behind the downward movement which would be at around $104.
If the correction gets prolonged by two more waves it would be a more sideways movement for the price of Bitcoin Cash before the start of the Z wave, but more downside for the price of Bitcoin Cash is imminent.
Crypto Market Current Picture:
The views and opinions expressed in the article Bitcoin (BTC), Ethereum (ETH), XRP (Ripple) and BCH Top Coin Price Watch (January 24) 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.