Bitcoin has reached $8302.4 at its highest point yesterday but started decreasing from there at first slowly but then with strong momentum as the price fell to $7005.8 at its lowest spiked today which was a decrease of 15.62%. The price is currently being traded at $7269 as a small recovery has been made.
Looking at the 15-min chart, we can see that the price broke out from the ascending channel on the downside and has come down to its first significant support level around the 0.236 Fibonacci level where it is establishing support. The ascending channel was viewed as a continuation pattern with another final push to the $8515 significant horizontal resitance level expected to play out but it now looks like the 5th wave of every count has ended which is why a sharp downturn has been made.
This sharp downturn was expected after the completion of the 5th wave and now that the ending wave has developed fully it likely started. The five-wave move seen from 26th of April is considered the 5th wave from the higher degree count which also ended with the mentioned wave as it is the sub-wave of the impulsive move. This is why now I would be expecting to see the price of Bitcoin going significantly lower than the current levels as the price is in a lookout for support.
The Fibonacci level currently offers support but strong seller’s momentum has been seen in the last 24 hours which could indicate that the higher degree downturn has in fact started. The price of Bitcoin could now go back to $6250 significant resistance area for a retest of support but since the area hasn’t offered much resistance on the way up it is still unclear whether or not the level will serve as support which opens the possibility of further lows.
From yesterday’s high at $277.7 the price of Ethereum has decreased by 17.87% today measured to the lowest level the price has been which is at $228 around which it is currently being traded.
On the 15-min chart, we can see that after the completion of the presumed 3rd wave a downtrend has started which could be the 4th one out of the Minute count. As the price is in a downward trajectory further downside movement would be expected to some of the significant support levels out of which the first one would be at the 1.618 Fibonacci level.
The next one would be at the broken ascending resistance level form the ascending channel in which the price has been from 26th of April but managed to breakout impulsively to the upside. If we are seeing the development of the five-wave impulse out of which the current move to the downside is its 4th that would mean that another increase would come before the end of the five-wave impulse as the price is set to go further to the upside.
This is soon to be verified from the found support as we could have seen the end of the five-wave move altogether.
Litecoin has decreased by 18.96% from yesterday’s high at $106.26 as it came down to $86.11 at its lowest point today. The price is currently being traded at around $87 as temporary support has been found at the lower range resistance level.
Looking at the 15-min chart, we can see that the price of Litecoin fell to the significant resistance zone from the vicinity of the 1st wave’s ending point where it found some support and has retested the level on two occasions. The downfall was made after the price interacted with the resistance level of the expanding triangle in which it was since the last runup from the horizontal resistance zone and a breakout form the structure has been made.
This breakout could indicate that the five-wave increase ended as the price started moving impulsively to the downside. There could still be a possibility of another increase as the price hasn’t come up to the significant horizontal resistance at $109.35 for an interaction in which case the expanding triangle wave structure would still be the part of the 3rd wave. This will soon be verified as the price is on the 1st wave’s ending point vicinity so if it starts entering the territory of the 2nd the possibility would be overruled.
More likely we’ve seen the completion of the upward move which was a five-wave impulse and as the price started moving impulsively to the downside with strong momentum it could very well be the start of the higher degree downtrend.
From yesterday’s high at $444.4 the price of Bitcoin Cash has decreased by 23% as it came down to $342 at its lowest point today around which it’s currently being traded.
On the 15-min chart, we can see that after the development of the ascending channel which could be the ending wave out of the higher degree impulse a breakout to the downside was made.
This breakout could indicate that the higher degree downturn has started but it could very well be another retracement before further upside. As the price is now sitting around the vicinity of the beginning point of the ascending channel we are to verify the possibility as if the price continues moving to the downside it would likely mean that it is, in fact, the start of the higher degree downtrend.
The cryptocurrency market has experienced a sharp downturn like expected which could be the started of the higher degree downtrend which is set to start after the completion of the five-wave impulse wave to the upside. Another possibility would be that the price is experiencing another minor correction before further upside movement but as shown by the momentum behind the sell-off it is likely the beginning of the higher degree downtrend.
- Source: First Appeared Here
- Published Time: 2019-05-17 14:59:21
The views and opinions expressed in the article Bitcoin (BTC) Price Chart Analysis with Today’s Ethereum (ETH), Litecoin (LTC), and BCH Predictions 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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