[ad_1]
Bitcoin BTC / USD Market
From yesterday's opening to $ 4094 measured at current levels of $ 3732.2, the price of Bitcoin declined by 8.85%. The price dropped lower yesterday to $ 3688.5, but since it has interacted with the horizontal support level it has begun consolidation and recovery and is currently in a sideline but upward trajectory above the horizontal support.
Looking at the 15 minute chart you can see that the lower ascending channel has started to look like a lower leg cluster on a higher time frame. The price rose yesterday under the horizontal support at $ 3994.4 and the support line of the upward channels when it started to create a lower leg in the mid-range that I said looks like a bearish pennant.
After the price fell from the bearish pennant it continued its downward trajectory and fell to the next horizontal level which acts as a support point which is at $ 3692. The price has entered the territory of the downward channels and is now likely to occur a new test on the resistance line.
My Elliott Wave count implies that the upward movement inside the current ascending channel is the fourth wave from the downward impulsive movement since it is the last Y wave from a higher corrective count, so there is a another shift down when the price ends the current consolidation.
In theory, the price could bounce back up to $ 3994.4 when the 4th wave develops, but I do not think it's likely. More likely we will see a rejection around the resistance line of the descending channels that had been respected in the past and a strong impulse necessary for a break on both sides. The goal for the fifth wave would be around $ 3550-3450, but could continue further downwards.
Ethereum ETH / USD Market
Starting yesterday at $ 154.29, the price of Ethereum declined by 15.86% as it is currently trading at $ 129.34. The price fell further yesterday when it was from the opening price at $ 130.9 to $ 125 at its lowest point, but has since recovered slightly.
On the 15-minute chart, it is possible to notice that the price has dropped rapidly and rapidly towards the uphill wedge support line and has slightly moved below it, something that happened in the past but the price has managed to rise above it happens this time while the price keeps going down.
Currently, the price is locked in a range between the resistance point of the previous downtrending trend line of retracement. The bearish move has been labeled as WXYXZ because I believe it will end up as a five-wave move, similar to the Bitcoin case.
Now that the price is putting upward pressure on the resistance encountered, buyers are likely to push the price around the growing wedge support line that now serves as a resistance for a new test.
This would be the fourth wave of the third minute correction, which is why I would expect another shift to the negative side while the fifth corrective wave should develop. His goal would potentially be at the levels of the previous low of the first retracement labeled as the lowest W at $ 117 when the price of the Bitcoin returned from $ 157.
It could go down to the horizontal support level at $ 111.27 where the fourth wave from the impulsive movement to the end point is located. This would leave this entire correction as a WXY Minor which would be an expanded plane with the X wave extending above the end point of the impulse wave.
XRP / USD market
Since yesterday's opening the price has surged up to around $ 0.4 and from there it quickly started to fall after it failed to overcome the horizontal resistance encountered at those levels.
It continued to fall during most of the day and reached $ 0.3288 at its lowest point. The price has started to recover since then and was $ 0.3385 to date opened from where it initially fell to $ 0.33221, which was the highest high and the first sign of a slight uptrend.
Looking at the 15 minute chart you can see that the price has burst from the symmetrical triangle with a strong momentum and has fallen below the horizontal support level. Now that the price is again in an upward trajectory, it is very likely that it is moving upward to re-test broken support levels.
The second minute correction is finished so I think this is the third one and it is likely that it will be a three wave correction with the current ascending structure representing the second wave towards the top. If this is true, a length equal to the first move must be projected at the expected apex of the second wave in order to reach the goal.
In doing so, the goal seems to point to the lower bold black line, which is the support line from the downward structure, while the price action is on a longer time frame but is a significant level of support . Considering that the price previously interacted with the upper level of the descending structure on the fifth impulsive wave, now it is very likely that it is heading towards its lower levels.
This would be the end of the Third Minute correction that would constitute the Minor WXY correction after a Minor pulse 12345, which means that a continuation of the trend after the end can be expected.
Bitcoin Cash BCH / USD Market
From yesterday's opening, when the price of Bitcoin Cash was at $ 159, the price initially rose to $ 164, but the goodwill quickly fell from there and reached 126.6 at its point lower today. Currently, the price has managed to remain above $ 130, which is an overall decline of 17.9% measured from yesterday's opening.
Looking at the 15 minute chart you can see a similar situation, as in the case of Ripple, after an impulsive wave, a correction is taking place and the current downward movement is the first wave of the third minute correction or 39; wave Y of a higher degree WXY minor.
The price has dropped below the support point from this is why it is very likely to rise up as the X wave develops, but I do not think it would go beyond the levels of the first resistance less than $ 142.
From there it is expected a further decline around the same length as the first wave which brings the price target to $ 108.4
disavowal: The opinions expressed in this market analysis represent my personal opinions and opinions. It is not intended as investment advice. Do your research before investing. All forms of investment are a risk.
[ad_2]Source link
