• The coin market cap is at $231.38 Billion, up 47 Billion in the last 7 days
  • Global crypto asset traading volume is at $80 billion in the last 24 hours

Bitcoin Price Analysis: BTC/USD Exchange Rate

Bitcoin’s price is $7,882.47 BTC/USD exchange rate today. The real-time BTC market cap of $139.51 Billion currently ranks #1 with a chart dominance at 59.93%, daily trading volume of $8.36 Billion and live coin value change of BTC 13.79 in the last 24 hours.

From Friday, when the price of Bitcoin was $6220 at it’s lowest point we have seen an increase of 19.31% measured to yesterday’s high at $7421.6. but immediately made a corrective decline to $6870. Since yesterday the price has started increasing again as it came up to $7341.4 at its highest point today.

Looking at the 5-min chart, we can see that the price broke out from the significant resistance encountered at around $6250-6500 with strong momentum.

This breakout hasn’t been my primary expectation as I thought that we are seeing the 5th wave as an ending diagonal but the ascending structure proved to be the 4th wave correction after all which is why the 5th wave developed further beyond its resistance level.

The price action created an ascending channel that led the price above the significant horizontal resistance level and the ascending resistance after which a minor pullback to retest the mentioned levels for support was made.

This could have been the first two waves out of the five-wave move to the upside if we follow the channeling principle. The formation of another ascending channel followed but this time a steeper one as the breakout momentum increased.

Today’s Bitcoin increase would according to this count be the 5th wave which is set to surpass the Sunday’s high which is why further upside could be expected potentially to $7723 level before we see the expected downturn as the higher degree impulse wave would end.

Today’s ETH/USD Price Forecast

From Friday’s low at $171.4 the price of Ethereum has increased by 18.66% measured to the Sunday’s high at $203.19. On the same day, the price fell to $184 area but from there managed to recover above the significant horizontal level at $187 and is currently being traded at $194.25.

Looking at the hourly chart you can see that the price came above the mentioned significant horizontal support once again but has now been stopped out at the 1.272 Fibonacci level which is serving as resistance.

The price managed to pull above the Fibonacci level and is currently interacting with it from the upper side which could be a retesting of support. If the support holds further higher high would be expected above Sunday’s one but we could have seen the end of the impulsive move with today’s increase being a corrective 2nd wave of the higher degree move to the downside.

This will shortly be verified as if the price fall below the significant support it would most likely mean that the 5th wave of the Minor count ended with the price being in a corrective increase not surpassing the Sunday’s high, but if the price hold above it and continues increasing past the Sunday’s high further upside would be expected before the end of the Minor 5th wave.

Today’s XRP/USD Price Analysis

The price of Ripple came up from $0.29405 at its lowest point on Friday to $0.33576 at its highest on Sunday which was an increase of 14.22%. After the increase ended the price fell by a little over 8% on the same day to $0.308.

Today we have seen recovery as the price came to $0.328 around where it is currently being traded.

Looking at the 15-min chart you can see that the price increased impulsively to the upside from the interaction with the significant horizontal support level made on Friday’s low. As we are most likely seeing a five-wave increase further upside movement would be expected potentially to the next Fibonacci level to the upside which is at 0.328 or in price terms at $0.3496.

Litecoin (LTC/USD) Price Prediction Today

Over the weekend the price of Litecoin increased by 28.13 as it came up from $73.68 on Friday’s low to $94.412 at its highest point on Sunday bu the price declined by over 10%, falling down to $84 level on the same day above which it has been traded currently.

On the 15-min chart, you can see that the price came up to the projected level but hasn’t come down first like expected. The presumed B wave ended inside the descending triangle on the last ABC correction of the Subminor count but this doesn’t reflect the higher degree count which is viewed as potentially correctional because the price broke out from the descending channel on 30 of April in a three-wave manner.

This breakout could very well be the first wave of the five-wave impulse to the upside in which wave case the price cannot go below the $84 level which it has successfully done since Sunday, but as the price came down shart indicating strong sellers pressure it might start doing so very soon. If however, the price holds above it and from today’s low we see further increase above $94.35 it would mean that we have seen the five-wave impulse potentially as the first wave of a higher degree rather then an ABC correction to the upside.

After the price completes the current increase we are soon going to receive a proper validation but as the price structure is currently forming another micro ascending structure it is likely to end as another minor increase that could be the second wave of the higher degree move to the downside and especially as the price action moved in five waves but correctively this looks like a more likely outcome.

Conclusion

The prices have increased over the weekend which is the ending wave from the increase of a higher degree which started on 4th of May. As we are seeing the 5th wave developing very are to see further upside movements but shortly the start of a downtrend would be expected as the price increase is near completion.

The views and opinions expressed in the article Bitcoin Price Analysis Today Plus Ethereum (ETH), XRP and Litecoin (LTC) Daily Chart Forecast 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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