2019-1-31 19:03 |
Bitcoin BTC/USD Price Analysis
From yesterday's low at $3464 which was near the open, the price of Bitcoin has by 1.1% as its currently being traded at $3494. The price did go further up as it came to $3561 which was on today's open but since the level was reached another minor downtrend has started.
Click the image to see it in full-size.On the hourly chart, you can see that the price action has created an ascending wedge since the previous 5 wave impulse has ended which is why I believe that this is the prolongation of the Minor Z wave which still hasn't ended and will end as a five wave move and not the three wave that I was previously expecting. Currently, the price is interacting with the intersection of the 0.236 Fibonacci level and the wedge support line so I think that the support will be there for now.
The price could continue its upward trajectory for another interaction with the descending wedge resistance (upper interrupted purple line) before continuing for another lower low which would be the end of the Minor wave Z and the Intermediate wave X. The price target for the Z wave would be on the $3367 horizontal level or on the lower level from that support range. Optimally the price would at first increase to the descending wedge resistance before going down again which would be enough for the price to come down where the intersection of the descending wedge support line is and the horizontal support.
As Y wave is expected to the upside from here which would be an impulsive recovery move firm support is to be established and the mentioned area would be the perfect fit which is why I believe that this would be very likely. In the upcoming period, I would be expecting to see more sideways movement before another low which would be the end of the Minor correction and the start of a large move to the upside.
Ethereum ETH/USD Price AnalysisFrom yesterday’s low at $105.7 the price of Ethereum has increased by 2.6% as its currently being traded at $108.
Click the image to see it in full-size.Looking at the hourly chart you can see that the price action created a cup and handle pattern which would be a bullish pattern, and as the pattern was formed around the ending point of the Minor WXYXZ correction we could see further increase from here.
Currently, the price has fallen to the prior range resistance line, were it is retesting it for support. If we see a bounce from it a breakout from the handle on the upside would be most likely in which case I would expect to see the price of Ethereum reaching the previous range support line which now serves as resistance at $116 where the 0.382 Fibonacci level is.
If the support level doesn’t hold then I would be expected to see a further downside with another low on the lower level off of the support zone at $102-100.
The wave structure looks like the Z wave is going to end as a five wave move in which case the cup and handle that we are currently seeing would be the 4th wave and its count would be valid until $116 where the ending point of the 1st wave is. If the price goes above that level than I would be safe to say that the Z wave ended and that a move to the upside has started.
But considering that the price has fallen approximately by the same amount as it came up yesterday indicating at least equal momentum the projected scenario on the chart above looks more likely.
XRP/USD Price AnalysisFrom yesterday’s low when the price of Ripple was $0.2919 measured to the current level on which the cryptocurrency is being traded which is at $0.31328, Ripple has decreased by 6.91%.
Click the image to see it in full-size.On the hourly chart, you can see that the price of Ripple has increased yesterday exponentially when it came from $0.29 to $0.3384 which was an increase of 16.6% in one day. This indicates strong momentum but since the increased price has been plummeting down as aggressively as it came up and is currently at about 7.78% less then it was on the yesterday's peak near the closing hours.
This could mean that the price has entered the sellers' territory which activated hard selling and chasing of the price since the increase made was sudden but strong. The price is currently below both of the upper horizontal resistance lines and has found support on the minor horizontal level which isn't strong enough to hold the momentum behind the sell-off. As the price has started increasing again it might go up to $0.32565 horizontal resistance level before continuing its downward trajectory.
The price has been in a Minor WXYXZ correction since 24th of December and the interaction with the 0.28494 horizontal support level could be the end of that correction. In this case, the increase we have seen yesterday could be the start of the impulsive move to the upside after the correction ended although it is more likely that the interaction with the mentioned horizontal support level was the end of the Y wave from the Minor correction. In that case, the increase we have seen yesterday would be the second wave X from the Minor correction which means that the decrease we are seeing today would be the beginning of the final wave Z.
If the last is true then the price would go lower than the 0.28494 support line potentially for interaction with the lower bold black line which is the support line from the descending channel the price of Ripple has been in from 21th of September last year.
Cryptocurrency Market Snapshot Click the image to see it in full-size.
Disclaimer: Author does not provide crypto coin analysis as a means of financial advice. Trading and investing are risky. Do your own research.
Similar to Notcoin - TapSwap on Solana Airdrops In 2024
Bitcoin (BTC) на Currencies.ru
|
