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BTC / USD price analysis
Over the weekend the price of the Bitcoin was in a sideways movement but was decreasing overall. The price remained above 0.382 until yesterday when the price fell from $ 3706 to $ 3578.
Today the price started to rise again and began slowly, but peaked in the last two hours to the level of 0.5 Fibonacci when it reached $ 3800. Currently, the price is $ 3758, which is higher than on Friday when the price of the Bitcoin was $ 3730.
As the five-wave downward movement ends, we are now witnessing an upward recovery, but it is still uncertain whether the move would be impulsive or just another corrective move.
The Y wave is over so what we are currently seeing is the second corrective wave X or the beginning of another impulsive move like the one we saw before this correction when the price of Bitcoin has passed from about $ 3230 to $ 4370.
If this is true, then the price of Bitcoin could see a significant increase and a recovery period that could bring the price of Bitcoin above the previous high level to $ 4370. We must see a strong impulse to suspect this and we have it certainly seen today, but since it was only a green candle it is still unclear whether the momentum will continue or not.
If the price of Bitcoin continues beyond the level of 0.5 Fibonacci and manages to stay there, I think the correction is probably over and we are witnessing the beginning of another impulsive move.
If the price, however, falls below the Fibonacci level to 0.382, then I would consider the current recovery as a further small corrective move before a further fall.
Analysis of ETH / USD prices
From Friday's start to $ 131.4 the price of Ethereum plunged on the 11.64% weekend at its lowest point on Sunday when the price was $ 115.43. From there the price started to recover and was $ 119.8 open today, but soon thereafter, it started rising rapidly and peaked up to $ 134.59 at its highest point today, and it's back slightly, currently at $ 133.11.
On the hourly chart, you can see that the price fell to my target for wave Z, which was the third Minute correction after the initial Minor Impulsive move when the price of Ethreum rose 86.56%, from $ 83.11 to about $ 155.
Since the three Minute corrections are the WXY wave from the highest degree count, it is likely that we have seen the end of the correction with the current increase which is the third upward impulsive shift that is the wave Y from the intermediate count in which case, projecting the intermediate wave length W on the apex of the intermediate wave X we arrive with a target of $ 188.43.
This may not be true since the Minor WXY correction which is the X wave from an intermediate count could be prolonged by two other waves in which case the current increase we are seeing is the second wave X which is also of corrective nature.
Like the price previously erupted from the rising channel, I now expect a new test of its previous resistance support. If resistance is present and the price is rejected, I would most likely visualize the current move as a correction, but if the price falls from here, it finds support on the support line of the downward and continuing structure within the territory of the ascending I would most likely be observing the current move as the impulsive movement towards the top.
XRP / USD price analysis
The price of Ripple has increased even today, as the market is strongly correlated. On Friday's opening the price was $ 0.33832 and from there it dropped to about $ 0.32 the area which was its lowest point on Sunday and a 5.38% depreciation of the value.
From there the price started to rise today and went from $ 0.3219 to $ 0.348 but it quickly retreated below $ 0.343 where it met resistance and is currently trying to break the level while the current green candle is at $ 0.34320.
On the hourly chart, you can see that I have labeled bearishly, unlike the case of Ethereum, to highlight the differences in projection. Moreso, Ripple's price can offer some clues as to where the market is heading.
As you can see, a similar graphic pattern is occurring at this time when the price of Ripple began to surge impulsively and rose from $ 0.2872 to $ 0.35382 where the horizontal resistance was located. If we were to see a similar move, developing the price of Ripple could go up to about $ 0.37123, but it would only be the corrective wave X from the third minute correction which would mean that another reduction will come after the correction.
The price has encountered some resistance to the resistance of the previous range and is currently forming a cluster around it, with the actual candles having the wick on both sides, which indicates that buyers are trying to maintain momentum while the sellers are making pressure.
If the price does not continue its upward trajectory I would expect an immediate withdrawal of the levels on which the price has started to increase, which would be about $ 0.3277 or a formation of some consolidation scheme like a triangle.
Because the market is correlated, this could mean that the other scrambled are experiencing the same and that the corrective counts that have been tagged in the case of Bitcoin and Ethereum will be prolonged by two other waves.
In both cases, after the end of the current Minor correction, I expect another impulsive surge of a corrective nature. This means that upward movement is only a correction before a further continuation of the trend and a further disadvantage for the cryptocurrency market in general, but that is more a long-term perspective.
Dislcaimer: The analysis of the authors is not intended as an investment advice. All investments and trading have an inexorable risk. You have a search.
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