2019-1-24 23:06 |
BTC/USD
From yesterday’s low at $3556.6 when the price of Bitcoin dipped to the lower support level we have seen the price increase by 3.15% as it came up to $3668 on an impulsive move to the upside.
Since that increase was an interaction with the 0.382 Fibonacci level which serves as resistance the price started pulling back and was $3641 at today’s open. From there the price came down to the lower support line of the previous range and back again to the 0.382 which is why another minor range has formed.
Looking at the 15 min chart you can see that the current minor range is a cluster below the 0.382 Fibonacci level indicating that the buyers are putting a lot of pressure on the mentioned level but as the price is in a downward trajectory and is in the final stage of the Minor correction and the 4th corrective move from the Minuette impulse move to the downside.
We might see another increase to the upside as a result of the traction that the price picked up after the yesterday’s dip but I don’t believe its likely but this sideways movement is making it difficult to say.
Overall my analysis points out that the price is heading downward further since the dip that occurred yesterday was only interaction with the expected price target levels. If the 5th wave ended inside the prior lower range which could have happened, we are then seeing the start of the second corrective wave to the upside which means that another move to the downside with the price going lower for proper interaction with the 0.236 Fibonacci level would be expected.
ETH/USDFrom yesterday’s open at $117.4 the price of Ethereum has increased by 1.32% as its currently being traded at $119.4. The increase didn’t happen in a straight line as the price went lower than on yesterday’s open and higher than on the current levels.
Looking at the 15 min chart I have zoomed into the sub-waves and have been further examining and counting them so what applies here could also be true for the price of Bitcoin as the market is strongly correlated.
According to my count, the Minuette impulsive move to the downside has ended which is the first wave from the Minute WXY correction which is the final Z wave from the Minor WXYXZ correction that is in progress since 24th of December.
The price is currently in its second Minuette correction wave to the upside so there is one more wave to the upside would be expected to around $123.84 where the minor horizontal resistance line is, but after it ends most likely we are going to see the third movement which would be another impulsive move to the downside.
The price target for the final move to the downside would optimally be at the 0.382 Fibonacci level or in price terms at $111.34.
XRP/USDOn yesterday’s open the price of Ripple was at $0.3237. From there the price fell at first to $0.31571 and spiked even further down to $0.31 but only for a dip as we have seen on other cryptocurrency charts as the price started increasing from there with strong momentum and came up to $0.32581.
From there the price retraced down since it encountered resistance at the horizontal level at $0.3272 which is the lower support line from a prior range. The price fell to the next horizontal support level in line to the downside which is at $0.32.
Looking at the 15 min chart you can see that the price is now on the uptrend support line again as it came back above it and is now retesting it for support. I believe that the support would be there since the previous retracement was the B wave from a third consecutive ABC so this would be the start of the C wave which would be another 12345 impulse wave like the A wave previously that lead the price up to the $0.327.
The price target for the expected increase would be around $0.3322 which is where the horizontal support at the prior range support is, but when the price ends that upward move we are going to see another decrease as this would be the end of the Minute X which means that the Y wave to the downside should develop.
This Minute Y wave ending would mark the end of the Minor Z wave from the Minor WXYXZ correction which occurred from 24th of December whos price target I see fit at around $0.3 area which is the resistance level from the range from which the price of Ripple started the impulsive move to the upside and reached $0.4643 on 24th.
BCH/USDThe price of Bitcoin Cash has increased by 14% from today’s low at $117.4 as its currently at $133.7
Looking at the hourly chart you can see that the chart pattern seems like its a bit ahead from the other cryptos which could indicate that previous projections are highly likely. The three wave move to the upside that is expected for the other cryptos has played out in the case of Bitcoin Cash but in the case of Bitcoin Cash that would be the end of the second Minor wave X which in the case of other cryptos is counted as finished.
The price could go a bit further up from the current levels for proper interaction with the horizontal resistance level above but the move to the upside looks finished which is why I would be expecting the start of the final Z wave to the downside with the potential price target at $104 which is the most significant horizontal level on which the price is likely going to find support after the search out for it ends.
Whole Cryptocurrency Market Outlook Click to enlargeDisclaimer: Analysis here is not meant to be investment advice. Trading is risky. Take your own steps to research all trades before making an investment.
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