Bitcoin BTC/USD Forecast
From Monday, the price of Bitcoin continued increasing and has come up to $8949.8 at its highest point on Tuesday after which a minor retracement occurred to $8506 horizontal level which serves as support. The price has found support there and started moving to the upside again but still hasn’t exceeded the previous high as it’s currently being traded at $8765.7.
On the hourly chart, you can see that the price of Bitcoin is set to reach 0.382 Fibonacci level which is the next significant resitance point on the way up. This minor increase expectation is also validated by the wave count as it also implies that the final 5th wave from the currently seen increase should develop fully. This 5th wave is a sub-wave of the five-wave impulse of the Minute count which is the ending sub-wave of the higher degree Minor count.
This is why after the completion of the currently seen upside move from 23th of May I would be expecting the start of the higher degree downside move. This downside move could be the start of the downtrend as the increase seen from 15th of December could still be correctional, or it could be the 4th wave retracement if the bull market started and we are seeing the development of the first five-wave impulse.
As I would be expecting a move to the downside very soon these possibilities would be evaluated from the depth and momentum of the retracement. In either way, I would be expecting the price to go below the 0.236 Fibonacci level where it would likely find support at first but would continue moving back below it to some of the significant resitance levels which were broken on the way up, for a retest of support.
Ethereum ETH/USD Forecast
The price of Ethereum has continued increasing from Monday as it came up to $289 at its highest point, exceeding the prior high. This has validated my assumption of the 5th wave developing to the upside.
As the wave structure implies another increase from here is likely to around $308-309 area but as this would be the ending wave of every count a higher degree downtrend is to start shortly.
This downtrend is set to bring the price of Ethereum significantly lower to some of the broken resitance levels where some attempt will be made for an establishment of support. The most significant of those resistance levels is the one at $214 at around the intersection of the lower ascending trendline and the interrupted bold ascending level.
If the price goes below that level I would mean further downside would be expected for the price of Ethereum as would see the price entering the territory of the lower range to whose support levels the price might continue.
Litecoin LTC/USD Forecast
From last week, when the price of Litecoin was $84.94 at its lowest point on Thursday 23rd we have seen an increase of around 40% as the price reached spiked to $122.32 at its highest, but found strong resistance at $118 below which the majority of the hourly candles closed.
This increase was expected to play out as an ending wave from the five-wave increase we’ve seen developing from 29th of April when the price of Litecoin was sitting at $69.23. As the price reached the projected level and has done so in a five-wave manner we have likely seen the end of the increase, although the confirmation is awaited.
If we’ve have seen the end of the five-wave move it should mark the end of the 5th wave of a higher degree count which goes back to 29th of January when the price was sitting around $30.755 and is the third wave from the structure formed from 15th of December. Now that the third wave has ended or is near completion we are likely to see a downside move of the same degree which could be the start of the downtrend altogether as this increase was corrective or could be another retracement as the 4th wave before further bullish price action.
In either way, as now a move to the downside would be expected at least of around 30% from the current levels we are going to see from its momentum and depth we are to evaluate the likelihood of both possibilities.
The price of EOS has increased by over 42% from last week’s analysis on Thursday 23rd when it was sitting at $5.759 as it came up to $8.229 at its highest point today. The price has encountered some strong resistance at those levels and has started forming a triangle which now appears to be an ascending one.
As you can see from the hourly chart, the of EOS has been in a five-wave increase from 26th of April and now that the 5th wave has started developing to the upside and came close to my target level another minor increase would be expected to the 0.382 Fibonacci level or in price terms around $9.16 before the completion of the impulsive move.
We could have seen the completion of the 5th wave with the currently seen cluster being the top, but the wave structure implies that another increase should be expected, especially as the currently seen structure is an ascending one, indicating buyers pressure.
Soon we are to see the start of the higher degree move to the downside which could bring the price of EOS significantly lower, potentially back below 0.236 Fibonacci level and even lower to some of the significant resistance levels broken on the way up for a retest of support, out of which the most significant one would be at around $3.27.
The market is likely to continue its increase for another minor high of around 8% before we see the start of the downturn. This could be the start of the higher degree downtrend as the increase seen could be correctional or could be a higher degree retracement before another runup which would confirm the bull market.
From the momentum behind the expected move to the downside and the depth of the support found we are to evaluate the likelihood of both possibilities in due time.
- Source: First Appeared Here
- Published Time: 2019-05-30 16:13:41
The views and opinions expressed in the article Top Crypto Coin Forecast for the End of May 2019 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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