2019-2-6 22:06 |
Bitcoin BTC/USD Price Analysis
From today’s open at $3513 the price of Bitcoin has fallen by 2% and is currently at $3442.
Click above to see the full-size imageLooking at the hourly chart you can see that the price of Bitcoin feel immediately after the open as it attempted to go above the 0.618 Fibonacci level and failed at the attempt which causes the price to drop hard due to buyers giving up supporting the price.
We have seen a decrease to below the prior low level at $3430 but only for a quick spike as the price quickly came back closing above it. The failed attempt that I referred to is the second wave from the Minuette impulsive move to the downside, according to my Elliott Wave analysis.
The price target for the expected decrease remains the same and is at the falling wedge support line intersection with the horizontal support area at $3340.
At first, a breakout from the horizontal support at the prior low or 0 Fibonacci level would be highly likely after which the 4th wave would be a corrective retest of the horizontal support for the resistance and would end as a rejection with the price continuing for another low.
That would be the end of the X wave for an Intermediate WXY correction count which means that an increase to the upside would be expected as the Y wave starts developing.
Ethereum ETH/USD Price AnalysisFrom today’s open at $108.88 the price of Ethereum has plummeted down steeply and aggressively as in the case of Bitcoin and came down to $103.57 at its lowest point today which was a decrease of 4.83%. From there the price started consolidating and even attempted to recover the lost value by quickly going back to the exact same levels from which the downfall happened, but the sellers pushed the price back down immediately and is currently sitting at $104.71
Click above to see the full-size imageLooking at the hourly chart you can see the wick to the upside and how the price came back down again in the same hour. Currently, the price is interacting with the horizontal support level at $104.73 where it is retesting it for support but judging by the previous situation reading the large green wick I don’t think that the horizontal support will hold for much longer.
The first horizontal level I see fit for a potential target for the expected decrease would be at $102 or even lower to $100-95 which can be-be considered the horizontal support are.
This would be the end of the Z wave if it doesn’t get prolonged by two more waves as the current count indicates that the Z wave will end in a three-wave manner – impulse, correction, impulse).
XRP/USD Price AnalysisFrom today’s open at $0.3039 the price of Ripple has fallen by 3.72% at its lowest point as it came down to $0.29277 at its lowest point today from which it recovered and is currently at $0.29467.
Click above to see the full-size imageLooking at the hourly chart you can see that the price broke out from the descending triangle in which it was correcting and has come down to the vicinity of the horizontal support level zone which is from here to $0.29115.
Since the price of Ripple was in a minor downtrend from last Thursday and it almost came down to the levels from which the increase was made and in particular coming down to the support zone I think that the price is now going to increase but only in a corrective manner although most likely impulsively as from there further depreciation would be expected to the downside.
This is due to the implications of the wave structure which looks like the one on the higher time frames and the scenario that I would be expected after the current Minor WXYXZ correction ends.
The target price for the end of the Z wave remains the same and would me around the intersection of the falling wedge support line and the horizontal support at $0.2661 but depending on the hight of the expected increase the price target could very.
Bitcoin Cash BCH/USD Price AnalysisFrom yesterday’s open at $117.5 the price of Bitcoin Cash has fallen by 6.38% at first as it came down to $110, but since it did the buyers have pushed the price back to the level of yesterday’s open where it encountered resistance again and is currently a bit lower to $115.2.
Click above to see the full-size imageOn the hourly chart, you can see that the price has come up to the descending channels median line and spiked up above reaching $121.1 it but was immediately pushed back below it which indicates a strong presence of sellers. As previously price broke out from the symmetrical triangle on the downside the previous support level is now being retested and since the price got rejected fast we are likely seeing a trend continuation.
The ascending channel in which the price corrected to the upside was the second wave off of the three wave correction that consists the Z wave for a Minor WXYXZ correction which is why more downside would be expected.
The price action created a cluster around the medial line which serves as resistance with early signs of bullish action but it now looks extinguished which is why from here I would be expecting an immediate depreciation below the level of the intraday low at $110 and ultimately at the horizontal support level at $93 where the Minor Z wave is projected.
Coin360 Crypto Market Outlook Click above to see the full-size imageDisclaimer: Research and Analysis by Nikola is not meant to be investment advice. Do your own research before investing or trading.
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