Bitcoin Price Analysis: BTC/USD Exchange Rate Value
The price of Bitcoin has been moving sideways from yesterday as it came from $7682 at its low close to yesterday’s open to $8319 at its highest today, but started decreasing from there and fell back to $7779.6 at its lowest point today. Since then the price has recovered slightly and is currently sitting at $7832.3 with the price trying to keep up the upward momentum but is currently retesting its significant support level which may break if the momentum fails to keep up.
As you can see by looking at the hourly chart, the price is currently retesting its significant support level from the ascending channel which was formed from Monday when the price came up to $8000 level. Since then the price action has shown an ascending movement which indicates that the buyers are still pushing the price but the bear territory is getting close which is why we have seen the exhibited seller’s pressure pushing the price down by 5.84 today.
This ascending channel like the others we’ve seen on the way up is a continuation pattern and is most likely the 4th wave of the lower degree count from the 5th wave of the higher degree count and is a three-wave correction. Since this is viewed as a corrective movement another increase would be expected after its completion and the most optimal price target for its end would be at the significant horizontal resistance level at $8515.
Bitcoin’s price is $7,882.66 BTC/USD exchange rate today. The real-time BTC market cap of $139.55 Billion currently ranks #1 with a chart dominance at 56.64%, daily trading volume of $10.53 Billion and live coin value change of BTC -1.40 in the last 24 hours.
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Ethereum ETH/USD Anaylsis
On the last run up the price of Ethereum has gone from $204 to $272.2 which was an increase of 33.4% in one go. Since today’s high the price has started moving to the downside and is currently being traded at $246.95.
Looking at the hourly chart you can see that the price of Ethereum broke out from the ascending channel in which it was since 26th of April an that with strong momentum. The price is in its last, 5th wave of the Minor count but the wave still hasn’t ended as it looks like we have seen the development of the 3rd wave from the lower degree count.
Now that the price is starting to move to the downside and we have likely seen the end of the 3rd wave, the 4th corrective wave is developing and is most likely headed down to the broken ascending resistance line for a retest of support.
After the current downside movement, another increase would be expected with the price potentially going all the way up to $300 which is its next significant horizontal resistance.
Litecoin (LTC/USD) Analysis
The price of Litecoin has increased by 26.8% from Monday’s low at $84.32 coming to $106.93 at its highest point today but since then has made a sharp downturn with a decline of 15.49% as it came down to $90.334 at its lowest spike today.
The price is currently being traded around $93.4 as the buyers have stepped in to catch the price from the straight downfall around the vicinity of the prior high’s ending point which offers to serve as support as indicated by the large wick from the upside on the last hourly candle.
Looking at the hourly chart, we can see that the price of Litecoin formed an expanding triangle from Monday with the price moving in between its levels. This structure is considered to be the 5th wave from the upward impulse wave and is the continuation of the breakout momentum from the previous descending triangle which started on the 29th of April. As we are seeing the development of the last wave very soon we are to likely see a steep downturn but today’s one might not be it as another impulsive move to the upside looks likely before its completion.
Expanding triangle seen from Monday was leading the price to the significant horizontal resistance level at $106 but the price still hasn’t come up to the level for the expected interaction and considering that we have seen the 4th wave out of the higher degree ending wave I believe that another increase is to occur before we see a higher degree downturn and the most optimal ending point for the completion of the upward move would be the mentioned horizontal resistance level.
From Monday’s open at $5.33 the price of EOS has increased by 28.51% as it came up to $6.86 at its highest point today.
Looking at the hourly chart, you can see that the price reached the significant horizontal resistance level today which is why the price has started pulling back as it encountered strong resistance at the current levels. The price hasn’t fallen below the 0.236 Fibonacci level which serves as a support, but further downside could be expected from the current retracement as we are most likely seeing the development of the 4th wave out of the five-wave impulse of the Minuette count.
This five-wave impulse is the ending wave of the higher degree count both on a Minute and the Minor degree which is why after its completion a higher degree decrease would be expected, but since we haven’t seen the end of the impulse wave before it ends we could potentially see the price of EOS going as high as $9.1 where the next significant Fibonacci level is, although I would expect the price ending its wave structure around $7.5 more optimally.
The prices of the major cryptos are starting to move to the downside but even though a sharp downturn is expected after the completion of the bullish uprising, this probably isn’t it and is more likely a lower degree retracement before the final increase which is set to push the prices for an interaction with their next significant resistance points where they would get rejected and will start moving to the downside with strong momentum.
- Source: First Appeared Here
- Published Time: 2019-05-16 15:08:42
The views and opinions expressed in the article Bitcoin Price Forecast (BTC/USD) with Ethereum (ETH), Litecoin (LTC) and EOS Chart 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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