From yesterday’s low at $5275, the price of Bitcoin has increased by 5.95% as its currently being traded at $5580. The price was moving sideways over the weekend and was in a minor downtrend yesterday, but since it came down to the mentioned low levels it started increasing impulsively.
On the hourly chart, you can see that the price came up to it significant resistance levels out of which the first one is a horizontal and the other is an ascending one. Both are significant as they are the upper outline of the range in which the price action has been stuck in for quite some time now and considering that they are intersecting around the current levels there we can assume that strong resistance would be found and judging by the looks of the current hourly candle the price might have already encountered it.
The price of Bitcoin has most likely ended its 4th wave correction, which started on the 3rd of April. We are now most likely seeing the start of another impulse wave to the upside which would be the 5th wave of a Minute count. This might not be true as the price still hasn’t broken out from the ascending range in which it was from 3rd of April, so having that in mind we can potentially see another pullback to the downside for a retest of support before a proper breakout to the upside occurs.
As the price hasn’t fallen below the median line on the previous minor ascending channel which is the support level from a higher, previous one we might see this happen if the currently seen interaction with the significant resistance level ends as a rejection.
If the price of Bitcoin continues increasing further and goes above $5640 I would consider that a breakout to the upside started, but if the price immediately starts decreasing from here we might see another decrease before a breakout.
From yesterday’s low at $169 the price of Ethereum has increased by 5.36% as its currently being traded at around $178.11. The price is in an upward trajectory and has shown clear signs of impulsiveness.
On the hourly chart, we can see that the price went above the prior high level as it started increasing today from $171 area. Previously we have seen a movement to the downside which ended around the vicinity of the 0.5 Fibonacci level out of the last impulsive increase.
As a three-wave structure developed it was most likely the second wave out of the higher degree five-wave impulse wave that started after the correction of a Minute count ended. If this is true we are now seeing the development of the 3rd wave which is set to push the price of Ethereum to the horizontal resistance level around $187.7 or potentially even slightly higher to the 1.272 Fibonacci level.
This would be the final, wave 5 out of the Minor five-wave impulse of an even higher degree and is most likely to end around the vicinity of the upper interrupted ascending trendline which is the presumed resistance from the still unconfirmed ascending channel seen on the higher time-frame.
This means that when the increase ends I would be expecting the start of the higher degree downside move, but more on that in due time. For now, it is important that the price doesn’t fall below the 0.382 Fibonacci level as that would invalidate the count.
From yesterday’s low at $0.32119, the price of Ripple has increased by 2.73% measured to the level on which the cryptocurrency is currently being traded which is at $0.32988.
On the hourly chart, you can see that the price of Ripple came up to the prior high level where it most likely found resistance again as the price has been stopped out. The price managed to come above the 0.236 Fibonacci level yesterday and maintained to stay above it as the support was there. This is a good sign but since the increase was stopped out again at the same level as on yesterday’s high we might see the price back below the Fib level again. If that happens the price is most likely headed towards the retested support levels on which it previously found support which is in price terms around $0.32.
The price more likely headed to the upside now that some support has been established on the previous downfall when the price interacted with the significant support levels and started increasing impulsively since, establishing support on the upper horizontal level. If the previous downfall was the second wave out of the higher degree five-wave impulse to the upside, now we are seeing the development of the third impulse wave which is set to exceed the 0.382 Fibonacci level as it was the ending point of the 1st wave.
From yesterday’s low at $75.94 the price of Litecoin has increased by 6% as it came up to $80.5 at its highest point today. The price has retraced slightly since and is currently sitting at $79.179.
On the hourly chart, you can see that the price of Litecoin came down to the descending trending on Sunday and again on yesterday’s low as it was being tested for support once more. As the level served as support the price has started increasing again.
The price found resistance at the previous horizontal support as indicated by the last hourly candle. Now we are to see if this increase was only minor, correctional, before further downside movement or is it the beginning of a higher degree impulse wave to the upside.
As the price is in the median point of the currently seen structure both possibilities are equally probable, so if the correction inside the expanding range ended the move to the upside has started, and if the not further correctional movement would be expected.
The cryptocurrency market has experienced an increase in the last 24 hours but the increase hasn’t impacted the market significantly, even though in some case like in Bitcoins the price has exceeded the prior high, some of the most significant resistance points are still respected so we could be either seeing the start of the next impulsive move to the upside or we have seen another retest of the significant resistance point before further correctional movement.
This weeks Price Watch:
- Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) (April 22nd)
- Source: First Appeared Here
- Published Time: 2019-04-23 14:42:44
The views and opinions expressed in the article Bitcoin Price Prediction, Ethereum Forecast, Litecoin Outlook, and Ripple (XRP) 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.. Connect with 48coins on Facebook and share your thoughts about the post Bitcoin Price Prediction, Ethereum Forecast, Litecoin Outlook, and Ripple (XRP) Analysis Here are some top prominent words: 0.382 fibonacci level; click above to see; degree five-wave impulse; fibonacci level; five-wave impulse; full-size image; higher degree five-wave impulse.
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