From yesterday’s low at $5939, the price of Bitcoin has come up by 5.8% today measured to the highest point the price has been which is at $6276 and even spiked a bit higher to $6330.
On the 15-min chart, we can see that the price of Bitcoin came up to its significant horizontal resistance level at $6256 where interaction has been made. As stated, the price spiked up above it but immediately went back below it and has started to form a cluster as the interaction is verifying the resistance level. This horizontal level is the significant support which was broken in November last year and is now likely getting retested on the correctional movement to the upside. It is worth noting that this chart is the one from Bitfinex and is fairly higher compared to the other exchanges like for example Coinbase on which the price is currently being traded at $5871.
This means that the interaction with the significant horizontal level was only made on the Bitfinex chart which is why we still can’t say that the projection got invalidated as this level serves as an invalidation level for the projected scenario in which we are seeing an Intermediate WXY correction to the upside out of which the current upside movement is the 5th wave from the Y wave.
As we’ve seen a breakout to the upside from the symmetrical triangle formed over the weekend further upside would be expected but the significant resistance has been encountered which is why we could see a rejection taking place.
From yesterday’s low at $167.5 the price of Ethereum has increased by 14.3% as it came up to $191.2 at its highest point today.
Since then the price came down to $178.61 but only as a spike and came up to above the $180 level above which it’s currently being traded.
On the hourly chart, you can see that the price came up to the significant horizontal resistance level at $187.47 where interaction has been made with an attempt to move above but ended as a failure which is why an immediate pullback occurred.
Looking at the wave structure you can see that the five-wave move to the upside ended which is why this pullback was expected and especially considering the vicinity of the horizontal resistance level.
If this is the start of the higher degree impulse wave as the price broke out from the descending structure on the move up, today’s pullback could be the 4th wave from the higher degree five-wave move.
Another possibility could be that this five-wave increase was still the part of the correctional structure made from 3rd of May and would be the C wave from the ABC correction to the upside. If this is true then the price could go back below the broken resistance at $174 and back to the $148 level.
From yesterday’s low at $0.3104 the price of Ripple has increased by around 4% as it came up to $0.32286 at its highest point today. The price has retraced since and is currently being traded at $0.3176 and is in a downward trajectory.
Looking at the 15-min chart you can see that an attempt for a breakout from the descending channel has been made but ended as a failure with the price retracing back inside the territory of the descending structure. Yesterday’s low was the interaction with the significant ascending trendline which is the baseline support from 207 and since it again served as support a bounce to the upside has been made which could be the first wave out of the next impulse wave to the upside.
If this is true than after the currently seen retracement would we could see another upside movement that is set to lead the price for a breakout to the upside but we could very well see another interaction with the baseline support in which case the price of Ripple would go back to $0.311 area before going to the 0.382 Fibonacci level at around $0.349.
From yesterday’s low at $274 the price of Bitcoin Cash has increased by 7.68% as it came up to the $295.5 level at its highest point today, but as the high was made an immediate retracement occurred with the price going to $280 with strong momentum.
On the hourly chart, you can see that the price broke out from the symmetrical triangle on yesterday’s increase but has failed to continue moving past the prior high whose ending point vicinity served as a resistance point and caused the price to move in a downward trajectory again.
As the correction inside the triangle might not have ended the breakout seen could be the continuation of the mentioned correction which is why we could be seeing the start of the next impulse wave to the upside very soon, but in another scenario which could be the first correctional structure before further correctional movement which is set to retest the broken resistance from the descending channel in which the price has been since 3rd of April.
The cryptocurrency market has continued increasing since yesterday but encountered significant resistance today, as seen on the charts of the major cryptos covered in this report.
The price of Bitcoin has come to the key horizontal resistance level as well as Ethereum while others Ripple and Bitcoin Cash are still stuck inside their corrective ranges. The mentioned breakouts made in the case of Bitcoin and Ethereum have been made on the Bitifinex chart while on other major exchanges the prices are a bit lower but still they are all showing that the prices have encountered some of the significant resistance points which is why now a deeper pullback could be expected to be seen in the market before the final push to the upside.
- Source: First Appeared Here
- Published Time: 2019-05-07 16:31:07
The views and opinions expressed in the article Bitcoin, Ethereum, XRP, and BCH Price Analysis: Top Cryptocurrency 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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