Bitcoin (BTC) Forecast
Last Monday when the price of Bitcoin was sitting at $6976 we have seen an increase of 18.88% measured to the weekly high at $8294 made on Thursday but immediately after reaching those levels, the price fell sharply and steeply as it came down by 14.36% on the following day coming to around $7100. From Friday and throughout the weekend the price has recovered close to the level of Thursday’s high at $8200 on Monday’s open.
From Monday the Bitcoin price has been decreasing and came down to $7676 as the price action created a head and shoulder pattern which is considered to be the “top” pattern. As the price fell another upside move has been made after but with the price struggling to exceed the Monday’s high before showing signs of weakness as it encountered resistance below it at around $8020. The price is currently being traded at $7936 and has been in an upward trajectory since yesterday but as it hadn’t exceeded the previous high on the yesterday’s upward momentum it is now likely headed down to some of the significant support levels out of which the currently most significant one would be the ascending trendline made from 11th of April.
Last Thursday the price reached the end of the 5th impulsive move of the lower degree count which is why we’ve seen a straight downfall after. As this downfall was made in a five-wave manner the increase that followed is likely a correctional one if it ends as a three-wave move, and considering that the price has shown the signs of weakness it is likely to end as a three-wave increase. This still hasn’t been confirmed as the price hasn’t fallen below the invalidation levels and hasn’t come up above the prior high which would mean that the move has been made in five waves.
This makes the outlook uncertain but the most likely outcome would be that we have seen the end of the higher degree 5th wave of the Minor count on last Thursday in which case the price action movement that followed would be viewed as correctional one. The other possibility would be that price is now headed for further upside movement with the increase seen from Friday being the start of the next five-wave increase but considering the resistance shown and the impulsiveness behind the decrease seen last week I don’t believe that’s likely.
More likely we are seeing the higher degree move to the downside out of which the last weeks decrease is its starting wave with the increase seen after being a correctional second wave of a higher degree. This would soon be verified as the price is to shortly interact with some of the significant levels but for now, I would be expecting further downside movements potently back below $7000.
Ripple (XRP) Forecast
From last Thursday the price of Ripple has fallen by 22.39% as it came down to $0.36952 on the following day. Over the weekend we’ve seen a slight recovery above the 0.768 Fibonacci level but only as a quick spike as the price immediately after started moving below it and is currently sitting at the 0.618 Fibonacci level where it has been establishing support around $0.39 area.
As you can see from the hourly chart the upward movement was expected and the price came to the significant Fibonacci level on the upward movement but it is still unclear wheater or not this was the end of the expected five-wave increase as the spike to the 1 Fibonacci level could have been the 3rd wave. If this is true that the decrease that followed would be the 4th wave with the final one shortly coming and would set to exceed the last weeks high at around $0.4762.
If the price stays above the 0.618 Fibonacci level before continuing further upside movement we could likely see another increase above the prior high as the 5th wave would develop, but if the price continues moving to the downside and falls below the 0.236 Fibonacci level it would mean that the five-wave increase ended and that the increase seen from last Friday until today is correctional in nature and is a continuation of the 22.39% downfall.
If this were to be true, then we are to see further downside movement for the price of Ripple below the significant horizontal support level found around the 0.5 Fibonacci level but it still needs to be confirmed. If we are seeing the development of another five-wave impulse from last Friday instead of the correctional three-wave move the price cannot fall below the 0.618 Fibonacci level as it would enter the territory of the second wave which it cannot do on the presumed 4th wave which is currently developing and is why the 0.618 Fibonacci level is viewed as a pivot point.
Litecoin (LTC) Forecast
From Monday’s open at $96.116 the price of Litecoin has decreased by 7.32% as it came down to $89 on the same day. Since yesterday’s low, a small recovery has been made with the price currently being traded at $90.7 but the momentum looks like it’s slowing down as a lower high has been made compared to the previous one, made close to today’s open.
Looking at the hourly chart we can see that the price came down to the significant horizontal support level last Friday around the vicinity of the 1st wave out of the five-wave impulsive move which started on 26th of April which could be the wave 4 if the impulse hasn’t ended. As strong sellers momentum has shown last week the downfall made could be the start of the higher degree downside move as the five-wave impulse ended on Thursday which is soon to be verified.
An interesting situation occurred yesterday for the price action development of Litecoin, namely the price fell below $90.5 level which was the significant indication level of labelings behind the increase seen from last Friday. If the downfall made on Friday was the 4th wave the increase that followed should be the start of the next impulsive move, but as the price fell below the mentioned level and spiked down further it entered the territory of the presumed 2nd wave which it cannot do on the 4th wave which is why I am considering that more likely the five-wave impulse ended and that the increase seen ended as well as the three-wave correction after the initial downfall.
What’s interesting is that the price made a large wick to the downside so we still cannot say conclusively that it entered the 2nd wave’s territory as the candle hasn’t closed inside its territory and the price made a recovery above the significant horizontal level. We are shortly going to see the proper validation but for now, it more likely looks like the price is heading further down as the five-wave increase from 26th of April likely ended.
As indicated by the analyzed chart, last Thursday’s increase was likely the ending point of the five-wave move to the upside, especially considering the impulsive downfall made after. This means that the weekend’s recovery is correctional with the price of Litecoin showing LTC 2.46, but a proper confirmation is still awaited.
- Source: First Appeared Here
- Published Time: 2019-05-21 15:00:10
The views and opinions expressed in the article Bitcoin (BTC), Ripple (XRP), and Litecoin (LTC) Market Analysis: Top Crypto Price 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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