Bitcoin (BTC) Live Price Analysis
From Monday’s open at around $9080 the price of Bitcoin has increased by 8.02% as it came up to $9807 at its highest point today which is also the highest price has been since the start of the year. The increase seen isn’t significant by its amount but the price managed to break out to the upside above the highly significant Fibonacci level at 0.382.
On the hourly chart, you can see that the price has interacted with the Fib level on two occasions but the price held above $8963.5 after which another attempt has been made yesterday and after a small retracement the price continued increasing past the significant level.
Price action is indicating sustainable momentum as we haven’t seen the breakout developing fast and spikey, but rather we’ve seen a slow rise with the multiple hourly candles and minor retracements. This most likely means that the 5th wave to the upside hasn’t ended and that the previous structure is the 4th wave out of the higher degree impulse from 15th of December and is, in that case, the starting wave of the bull market.
This would shortly be confirmed by the BTC price action as if we are seeing the 5th wave developing further upside movement would be expected with a potential retest of the broken Fib level as the price is to establish some support. If we are seeing the uptrend continuation the price would likely be headed towards the next Fibonacci level at 0.5 which is in price terms at $11307.
Another possibility could be that an immediate downfall below the Fibonacci level would occur as the price has entered the seller’s territory, but the momentum looks sustainable which is why I don’t believe that’s likely to occur.
Ethereum (ETH) Live Price Analysis
From yesterday’s open at $267 the price of Ethereum has increased by 8.71% as it came up to $290.77 at its highest point today. The price is still in an upward trajectory and has managed to exceed the prior high but is currently retesting the area so we still can’t say that a breakout occurred.
On the hourly chart, you can see that the price came up to the vicinity of the prior high as it’s been on the rise since last Monday from which it increased by around 27%.
If we are seeing the next impulse wave to the upside developing the price would go further to the upside from here with a potential pullback to retest the broken resistance area for support. This retest would bring sustainability to the price increase which would mean that the 5th wave of the higher degree is developing.
This price increase could still be corrective and end as a three-wave move but considering the momentum, I don’t believe that’s likely at this point. The next significant resistance area the price is likely to interact with is the 0 Fib level at $308 but if we are seeing the 5th wave of the higher degree developing the price will likely exceed it.
Litecoin (LTC) Live Price Analysis
From yesterday’s low at $134 the price of Litecoin has increased by 5.66% as it came up to $141.581. The price is currently in the upward trajectory with the last hourly candle starting to push the price above the previous horizontal resistance level and breakout to the upside.
On the hourly chart, you can see that the last hourly candle has started a breakout but it could still close below the horizontal resistance at $139.5 although considering today’s market sentiment unlikely. The price has previously moved sideways from 15th of June which could have been the 2nd wave correction out of the next five-wave increase to the upside. If this is true then we are currently seeing the 3rd wave developing to the upside which is usually the strongest one.
This means that if we are in fact seeing a breakout to the upside it could bring the price of Litecoin significantly higher but most definitely above the prior high at $144 and potentially to the next significant resistance point at around $154. We could be seeing a correctional upside move but considering that the bullish sentiment is currently dominant in the market I don’t believe that’s likely.
The price has increased by over 495% from 15th of December which is why after this 5th wave of the higher degree develops a correction of the same degree would be expected which could bring the price of Litecoin to some of the broken resistance points on the way up for a retest of support. Before that, the 5th wave should develop fully which is why from here further upside movement would be expected until we see clear signs of weakness and the momentum slowing down.
Bitcoin Cash (BCH) Live Price Analysis
The price of Bitcoin Cash has increased by over 9% from yesterday as it came up from $405 on yesterday’s low to $443 at its highest point today. The price is still on the rise with the bullish momentum indicated which is why further increase is likely to occur.
On the hourly chart, you can see that the price of Bitcoin Cash has started entering the resistance area above $426 which is considered as a significant zone. The next horizontal level is only 3% higher so an interaction looks likely.
Unlike in the case of Bitcoin and Ethereum, the price of Bitcoin Cash hasn’t exceeded the prior high which is at $479 but if we are seeing the next impulse wave to the upside developing it would mean that it will do so.
The price is being stopped out at the prior minor high but as we’ve seen an increase of over 17% from last Monday the bullish momentum is likely to continue with a breakout to the upside ahead.
The cryptocurrency market has experienced an increase in the last 24 hours with the prices starting to breakout to the upside from their significant horizontal resistance points. Further uprise would be expected as we are most likely seeing the beginning of the next impulsive move to the upside.
- Source: First Appeared Here
- Published Time: 2019-06-21 15:21:51
The views and opinions expressed in the article Bitcoin (BTC/USD), Ethereum (ETH/USD), Litecoin (LTC/USD) and BCH/USD Price Analysis 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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