Bitcoin Price Analysis: BTC/USD
On yesterday’s open the price of Bitcoin was sitting at around $9005 from where an increase of 4% has been made with the price reaching $9368 at its highest point today. Since today’s’ high the price started decreasing again and is currently being traded at $9247.
On the hourly chart, you can see that the price bearly reached 0.382 Fib level before it started showing signs of weakness indicating again strong sellers’ presence at those level. The Fib level is highly significant and is serving as a strong resistance point. The price made three interactions with the area and hasn’t managed to come up above it which is why now a pullback looks likely as the buyers are losing momentum and sellers are gaining control.
From last Monday the 10th of June, we have seen the price of Bitcoin increasing by 25.19% but the increase might be corrective in nature as I think that the higher degree 5th wave (Minor count) has ended on the 30th of May. After the price reached $8977 on the 30th we have seen an impulsive downside movement but the price action hasn’t developed a five-wave structure, instead, we have likely seen and ABC three-wave correction. This could indicate that the ascending structure which followed is also corrective and would, in that case, be the second structure with the third one to the downside now expected.
The other possibility would be that the 5th wave hasn’t ended and that we have seen a higher degree correction ending on 30th which would, in that case, be its 4th wave. If this is true the price would break out to the upside above the significant Fibonacci level, but since the price is struggling to keep up the bullish momentum I believe the first scenario is more likely.
In either way, since strong resistance has been encountered I would be expecting a pullback from here at least to some of the minor horizontal levels out of which the first one would be at $8500, but if we are to see the third wave to the downside it could result in the price going below last Monday’s open at $7511.
Bitcoin’s price is $9,323.56 BTC/USD exchange rate today. The real-time BTC market cap of $165.68 Billion currently ranks #1 with a chart dominance at 57.41%, daily trading volume of $5.19 Billion and live coin value change of BTC 1.53 in the last 24 hours.
From last Monday the price of EOS has been in an upward trajectory and has recovered by around 19%, coming from $6 at the open to $7.211 on Tuesday 18th. Since the price reached its weekly high it started decreasing again and has fallen by 8% on the next day coming to $6.67 but is currently trading slightly above at around $6.774.
On the hourly chart, you can see that the price of EOS attempted to break out to the upside on three occasions but the resistance found at $7.211 was stronger than the upward momentum which is why a rejection those levels brought the price down to the first significant horizontal support level at $6.81 around which the price is currently hovering. As this retest of support is currently in play we could see further downfall especially considering that the price failed to keep up the bullish momentum past the minor resistance point.
If the support is however found at the present levels another increase with a higher high would occur but I wouldn’t expect to see a significant rise as the price is likely in a corrective stage after an impulsive downfall of 29.42% was made till 5th of June.
This would shortly be verified by the current support interaction but at the momentum, it looks more likely that further downfall should be expected below the 0.236 Fibonacci level and on to the first significant support zone from $5.84 to $5.58, but if we have seen an upward correctional movement after an impulsive downfall the next wave to the downside would be even stronger which is why we could see the price going below $5.
From yesterday’s open at $132.687 the price of Litecoin has increased by 5.19% as it came up to $139.584 at its highest point on today’s open, but since the price came up to those levels a decreased of 3.49% was made with the price currently being traded at $135.44.
The price came up to the significant horizontal resistance point with whom an interaction has been made on Saturday ending as a rejection, causing the price to move to the downside below $134 which is a minor support point. As another attempt for a breakout above the minor resistance level ended as another rejection the price started moving to the downside again but has maintained holding above $134 for now.
Previous to this sideways movement we have seen the completion of the five-wave impulse to the upside after which a descending five-wave triangle has developed. This could indicate that the currently seen sideways movement is the second correctional structure from the starting downtrend with the price being stopped out on two occasions below the prior high. If the price starts decreasing further from here and goes below $134 again further downside could be expected to the first significant horizontal level at around $120 area where the horizontal level is forming a zone with the 0 Fib level. But if the price doesn’t find support there and enters the lower range we could see significant depreciation in value for this cryptocurrency.
The cryptocurrency market has reached its significant resistance point as the prices of major cryptos are showing signs of weakness around their current levels. The prices are currently still hovering around their prior high levels but the bullish momentum is losing strength which is why I believe that we are going to see a pullback from here at least to some of the broken resistance points on the way up for a retest of support. But if we have seen the starting downtrend out of which the last upward movement was corrective the prices are headed significantly lower in the upcoming period.
- Source: First Appeared Here
- Published Time: 2019-06-20 14:47:49
The views and opinions expressed in the article Bitcoin Price Analysis (BTC/USD) And EOS and Litecoin (LTC) Chart Forecasts 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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