Bitcoin (BTC) Forecast
The price of Bitcoin has increased from yesterday low at $7580 to $7980 at its highest point today which is an increase of 5.25% but is currently being traded slightly lower and is struggling to keep up the upward momentum.
As you can see the price came above the ascending triangle’s resistance level and continued moving to the upside until it came to the next minor resistance point at the prior downside moves 4th wave where it found resistance which is indicated from the wick on the upper side of the last couple of hourly candles. From here the increase is likely to continue to some of the more significant levels which have been pointed out in my previous analysis and are at $8140 and the next one at $8500.
If we are seeing the development of the higher degree 4th wave out of the five-wave move from last Thursday, the increase would end as a rejection at the first significant level at $8140 but if we are seeing another kind of upside correctional movement the increase could continue to the second at $8500 before the next downturn.
In theory, there is still a possibility of another higher high before the downtrend which could bring the price of Bitcoin to $9400 are around the 0.382 Fibonacci level for interaction but as the market is currently overruled with a bearish sentiment I don’t believe that’s likely. More likely we are seeing the first wave out of the developing downtrend in which case it would end as a five-wave move with the price getting rejected at around $8140 and going down further to the 0.236 Fibonacci level at $7056 which would be its 5th wave.
As this would be only the first wave further low would be expected for the price of Bitcoin and the first significant support zone is around $6250 which was a significant horizontal resistance point on the way up.
Ethereum (ETH) Forecast
From yesterday’s low at $238.22 the price of Ethereum has increased by 5.73% as it came up to $251.88 at its highest point. The price is currently being traded slightly lower but is still above the previous minor horizontal resistance at $247.
On the hourly chart, you can see that the price has started moving to the upside but is struggling to keep up the upward movement at the first downfall level made last Thursday. This may be the 4th wave of the five-wave move to the downside from last Thursday in which case the price cannot go any further than it already had, so we could see an immediate depreciation in price but since we have seen some bullish recovery in the market I believe that the price is likely to continue moving to the upside a bit further to the 0.236 Fibonacci level at $260.
This would be the third wave of the correctional upside structure after which further downside continuation would be expected, but if the price exceeds the Fibonacci level and continues moving to the upside we could see it retesting the $273 horizontal level before further downside.
Litecoin (LTC) Forecast
From yesterday’s low at $102.3 the price of Litecoin has increased by 11.9% as it came up today to $114.47 at its highest point today. The price is currently being traded at $113.2 as it found resistance at the expanding channels resistance level and is now back inside its territory.
Looking at the hourly chart, you can see that the price interreacted with the channels resistance level ending as a rejection which means that now we are likely to see a downside move with the price coming at first to the $109.35 which was surpassed on the way up and then further to the downside if we have seen a corrective increase like presumed.
The other possibility would be that the price would continue increasing after it finds support at $109.356 level and starts moving above the expanding channel’s resistance level but I wouldn’t expect it to go above the 0 Fibonacci level which is at $118.945 which is the prior high’s ending point. Above prior high is another significant horizontal resistance level at $122.32 and is the upper level of the resistance zone. As the price struggled to come to this upper level when the buyer’s momentum was stronger I wouldn’t believe that I could do so now that the bearish has shown to be stronger.
If we have seen the first downside structure from last Thursday, the currently seen upside movement would be it’s second with the next one to the downside shortly to be expected. The first area of most significance for support would be at around $83, above the 0.382 Fibonacci level as it was proved to serve as strong support.
Bitcoin Cash (BCH) Forecast
From yesterday’s low at $377 the price of Bitcoin Cash has increased by 6.7% as it came up to $402.2 at its highest point.
Looking at the hourly chart, you can see that the price came up to the significant resistance level of the descending channel in which it is since last Thursday when the downfall started. As we have likely seen the completion of the 5th wave of a higher degree count, a downtrend has started.
The decrease seen from last Thursday could develop in a five-wave manner in which case the increase seen from 5th would be its 4th wave. The price hasn’t entered the territory of the 2nd wave whole pivot level is at $413 so another interaction with it before another lower would could be seen as an optimal scenario.
Correctional upside movement which was expected has started developing with the prices almost reaching or in the case of Litecoin reached their significant resistance levels so another minor increase would be expected but another downfall over the weekend.
- Source: First Appeared Here
- Published Time: 2019-06-07 16:05:30
The views and opinions expressed in the article Bitcoin (BTC) Price Prediction, Ethereum (ETH) Forecast, Litecoin (LTC) Analysis and BCH Outlook 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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