Bitcoin (BTC) Live Price and Forecast
From yesterday’s open at $8462, the price of Bitcoin has decreased by 11.19% as it came down to $7514 at its lowest point today. Since today’s low, the price has started recovering and reached $7930 but is currently being traded around $7876.
On the hourly chart, we can see that yesterday’s open was on the ascending support level from the channel in which it was since the 11th of May. The price fell below it moving further down below the second horizontal level (purple interrupted line) which was the minor resistance point on the way up and later served as support on the first downfall from last Thursday. The sellers have managed to push the price inside the lower range in an impulsive five-wave manner which indicates that the downtrend has started.
Now that the three waves have developed to the downside from last Thursday we are likely to see an upward correction developing. If we are seeing the development of the first five-wave move to the downside from the staring downtrend, the expected move to the upside would be its 4th wave and in that case cannot go above the interrupted purple line at around $8130 after which the 5th wave to the downside should develop.
If we are seeing some complex correction developing the three-wave move from last Thursday could be the first structure with the expected upside move being it’s second in which case the increase could continue to $8500 level which is the next significant resistance point. I was expecting an interaction with the 0.382 Fibonacci level before the completion of the bullish upswing but it hasn’t occurred so another possibility could be that we even see a corrective upside move to it but I don’t believe that’s likely.
Ethereum (ETH) Live Price and Forecast
The price of Ethereum has decreased by 5.55% from yesterday’s open at $249.35 coming to $235.5 at its lowest point but is currently trading at $244.3 as a small recovery has been made to the levels of the yesterday’s open where the price found resistance again and has pushed lower.
Looking at the hourly chart, you can see that the price came down below the 2nd waves of the previous impulse ending point and found support around the vicinity of the higher degree’s 4th wave’s ending point. This invalidates the possibility of a further increase before the starting downtrend which means that we are most likely seen the first three-wave movement from last Thursday out of the expected downside move.
If the price has started its awaited downside move the price is now headed significantly lower to some of the broken resistance levels but there could still be a possibility that the increase might continue if we are still seeing the MInute 4th wave developing as a prolonged three-wave complex correction which I don’t believe is likely.
From last Thursday three-wave move to the downside have developed and if we are seeing the start of a downtrend it should develop in a five-wave manner. As it looks like the decrease which started on Sunday ended an increase to the upside would be expected to start but only as a small correctional one which isn’t going above the 0.236 Fibonacci level.
If the price goes above the 0.236 Fibonacci level we could see the price exceeding the prior high as it would mean that the structure made from 16th of May until today was the 4th wave out of the Minute count.
The first significant zone the price would be expected to go to would be at around $200 depending on the momentum behind the sell-off. The next one after that would be at around $174.
Litecoin (LTC) Live Price and Forecast
From yesterday’s open at $105.664 the price of Litecoin has decreased by 6.56% today, coming to $98.7 at its lowest point. The price is currently being traded at $101.96 after it came back to the levels of the yesterday’s open and found resitance there causing it to start moving to the downside again.
On the hourly chart, you can see that the price found support on the still unconfirmed ascending support level out of the previous rising period. From last Thursday the price has moved in a three-wave manner but with the previous move could have been a five-wave one which has made an expanding channel to the downside. We have likely seen the completion of the first downside structure with the price now expected to move to the upside on a minor correction, likely ending as interaction with some of the significant resistance levels.
The first significant resistance would be at $109.356 horizontal level which is considered as the starting point of the resistance zone. The next one would be at the expanding channel’s resistance which would be slightly above the prior level but if the interaction takes a bit longer then projected the levels could intersect on the interaction which would bring the resistance point back around the vicinity of $109.
As we have likely seen the ending of the five-wave impulse from 29th of April a breakout to $83 area would be expected shortly which is the first significant support area. As this mentioned impulse from 29th is the sub-wave of the ending 5th wave of a higher degree count the price is likely to continue moving past $83 further to the downside as we are seeing the development of the higher degree downside move.
The prices have continued moving to the downside from yesterday but have reached their minor support point which is why now a corrective increase would be expected. If we are seeing the starting downtrend the expected upside move cannot go above their broken support point on the way down and would likely get rejected at the interaction.
If the prices shortly start another downside it would likely mean that they are going back to the significant resistance point on the way up for a retest of support.
- Source: First Appeared Here
- Published Time: 2019-06-05 16:12:31
The views and opinions expressed in the article Today’s Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Price Prediction and Market 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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