From yesterday’s open at $5317.3 the price of Bitcoin has decreased by 2.64% at first as it came down to $5177.1 at its lowest point today but has since then increased again and came up to $5293.9 at on today’s high.
The price is currently being traded slightly lower, at $5276 but is still in an upward trajectory.
On the 15-min chart, we can see that the price of Bitcoin came up again to its significant horizontal resistance level on yesterday’s high when the interaction has been made. The level is significant as its the prior high level and is most likely serving as strong resistance as the impulsive upswing with strong momentum has been stopped out there.
The price attempted to surpass the level two times after the first ABC retracement but has failed to do so which is why it has created a cluster between it and the support offered by the still unconfirmed lower resistance line of the ascending channel of a higher degree.
After the first ABC ended an ascending channel was developed as the price continued increasing but since the increase looks corrective, judging by the wave structure, and hasn’t managed to pull the price above the significant resistance I think that it is the second corrective structure after the price of Bitcoin exponentially increased.
The ascending channel got broken from the downside on Monday, but the price found support on the unconfirmed lower resistance of the ascending channel of a higher degree. From there another attempt has been made but ended as a lower high which indicates that the buyers are starting to lose traction.
Today we have seen a minor breakout to the upside from the last unconfirmed structure which is a symmetrical triangle, but the price hasn’t come up to the horizontal resistance level yet.
Another interaction would be expected as the price is still in an upward trajectory but I believe that it is going to end as another rejection that is set to push the price back down below its current support level and potentially below the 1.618 Fibonacci level.
As the previous minor ascending channel has been labeled as a WXY correction the movement that followed could be its prolongation in which case the current upside movement would be its final wave Z.
The now expected downside movement would be a third correctional structure, most likely another ABC Zigzag which would in conjunction with the previous two correctional structures constitute a higher degree three-wave correction.
If this occurs I would be expecting to see the price of Bitcoin below $5000 again.
From yesterday’s open at $183.87 the price of Ethereum has fallen by 4.2% at first at its lowest point today which is at $176.14 but has come up to the levels of the yesterday’s open at its highest point today, from where a minor retracement occurred.
The price is currently sitting at around $181.5 and has started to move to the downside again.
On the 15-min chart, we can see that the price of Ethereum came up to the significant horizontal resistance level today and since the interaction, a minor retracement has occurred, but the price has managed to stay above its current support level above $180 where the 3rd Minor impulse wave’s ending point is.
As after an impulsive increase we have seen last week on Wednesday we have seen a three-wave move to the downside I would have been the 4th wave which is corrective in nature. If this is true then the ascending structure we have seen followed was most likely the development of the 5th wave.
The ascending structure looks more corrective then impulsive which is why I think we are still seeing the development of the 4th Minor impulse wave but it could very well be the final 5th wave as a higher high was been made compared to the one which has been labeled as the 3rd wave.
Now that the price is in an upward trajectory if we see the continuation of the uptrend and the price managed to make a higher high, I would think that it was the 5th wave of a higher degree impulse, but if we see another downfall below the $180 I would consider that we are more likely still in a corrective stage of the 4th wave with another increase ahead as the 5th wave should develop.
From yesterday’s open at $0.36347 the price of Ripple has fallen to $0.3511 at its lowest point today but started increasing immediately after and came up slightly below the level from which the downfall was made and is currently being traded around $0.359.
On the 15-min chart, you can see that the minor descending trendline got broken which could be an early indication that another increase has started but this won’t be validated until the price exceeds the 0.5 Fibonacci level.
As the price of Ripple made a substantial increase last week a shart downfall was made and is considered to be the 4th wave of a higher degree five-wave move. If this is true then the following structure is the 5th wave and in particular as the price came slightly above the 3rd wave’s ending point.
If we seeing the development of the 5th impulse wave the price is now headed for another higher high as the downward corrective movement we have seen from Friday would be the 4th wave of the Minute degree.
The prices have been struggling to keep up the upward momentum but have still been succeeding it. Even though the increase we have seen is slow it could be the continuation of the last impulse wave to the upside in which case a higher high would be expected.
The other possibility would be that the impulse wave to the upside ended in which case we are seeing the corrective structure after the downward movement starts.
Disclaimer: Market forecasting is for entertainment purposes only. It is not intended to be investement advice. Do your own research before investing.
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