2019-2-19 18:27 |
Bitcoin BTC/USD
From yesterday's open at $3708 the price of Bitcoin has increased by 7.68% as its currently being traded at around $4010 where the price has encountered resistance around the $3994.4 horizontal resistance level.
Click the image to see it in full-size.Looking at the hourly chart you can see that the price broke out from the descending channel in which it was retracing since the first increase to the upside was made on Friday 8th. The retracement was more of consolidation since we have seen it throughout the last 10 days.
Strong momentum was shown as the price broke out many of the significant resistance points to the upside from which the most significant one is the bold black line which is the baseline support since the start of the bear market and was serving as resistance when it got broken on 21th of November last year.
The price is currently inside a horizontal range between the 0.618 Fibonacci level which serves as a support and the horizontal resistance at around $4000 which is why we are seeing a cluster starting to form as the price is consolidating again after an exponential increase. If the price wants to continue the upward trajectory it needs to retest some of the broken resistance levels for support and since the bold black line was the most significant resistance point we could likely see a pullback to its level potentially in a form of a descending triangle or a channel like we saw after the first impulsive increase.
Since my primary count got validated in which the Minor WXYXZ correction which was the Intermediate X wave, this increase from the Friday 8th is considered the Intermediate Y wave. If this is true then a five-wave structure is to develop out of which we are currently seeing the 3rd wave. This current increase which is considered the 3rd wave may not have ended so we are soon going to see a confirmation in a form of a direction of a breakout from the current range.
Ethereum ETH/USDFrom yesterday’s open when the price of Ethereum was $136 at the open measured to its highest point today at $153.12, we have seen an increase of 12.56%.
Click the image to see it in full-size.Looking at the hourly chart you can see that the price of Ethereum has broken out from the ascending channel on the upside and managed to continue going beyond the 0.382 and the 0.5 Fibonacci retracement levels which both served as resistance points. This indicates strong momentum behind the upward movement as the price hasn’t even acknowledged the levels and just continued moving past then.
As the price encountered resistance at the 0.786 Fibonacci level we are likely going to see a retracement back to the previous one for support which correlates with the EW count as now the 4th wave should start. There is a possibility that the 3rd wave hasn’t ended and that a one higher could happen but even if that is to occur I don’t believe that the increase would be anything more than a quick spike above the 0.786 Fibonacci level.
This is only logical considering that the Intermediate Y wave that was started after the Minor WXYXZ correction ended is the continuation of the impulsive move that lasted until 24th of December last year. After this minor correction, more upside is expected as the 5th wave should start developing to the upside.
Ripple's XRP/USDFrom last yesterday’s open when the price of Ripple's XRP was $0.30786 to today's spike at $0.3548, we have seen an increase of 15.29%. From today's spike, the price has fallen quickly leaving a wick from the upside on the hourly chart and is currently the upward trajectory at $0.34763.
Click the image to see it in full-size.Looking at the hourly chart you can see that my Elliott Wave count implies that this was the end of the 3rd wave which is why now we are likely going to see some correctional movement much like what is expected in the case of Bitcoin.
Some significant resistance points have been broken, out of which the most significant one is the horizontal resistance at the 0.236 Fibonacci level and is why the ending point of the 1st wave which could be interacted with on the 4th that is expected to develop. Considering the momentum behind the increase I don’t believe that it will be likely that the depth of the 4th wave would be that far but there is a a posibility.
Most likely we are going to see a retracement to around the mid-range between the Fibonacci levels which would be around $0.3352 but in either way, another increase to the upside is expected from there as the last 5th impulsive move to the upside should start developing.
The price target for the expected completion of the impulsive move is still unknown but it could also be the ending point of the 3rd wave at the 0.786 Fibonacci level as the 5th wave could end on its vicinity. However, considering the momentum shown I believe that we are to see a higher high before the increase ends.
EOS/USDFrom yesterday's open at $2.09 the price of EOS has increased by 32.5% measured to its highest point today at $3.847.
Click the image to see it in full-size.On the hourly chart, we can see that the price of EOS has done what is expected in the case of Bitcoin and that is a full development of the Intermediate Y wave as I have counted the 5 waves to the upside. The price broke the major resistance point which is the horizontal resistance at around $3.278 and continued to the 0.5 Fibonacci level spiking even beyond it but since the price entered the sellers' territory an immediate pullback occurred.
As the 5-wave move has most likely ended for we are now going to see a retest of the broken resistance for support at least to the 0.382 Fibonacci level but if the Intermediate WXY correction ended and will not have any prolongations we might see a continuation of the previous downward move and new lows for the price of EOS.
Current Market Overview: Click the image to see it in full-size. Yesterday's Price Analysis: Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis (Feb 18th)Disclaimer: Authors analysis of the cryptocurrency market isn't meant to be investment advice. Trade at your own risk.
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