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Bitcoin BTC / USD Market
Since yesterday's opening at $ 4152, the price of Bitcoin has fallen by 6.7% measured at the current level on which the cryptocurrency is traded, which is $ 3874.3.
The price has broken the rising channel support line and the lower horizontal support level at $ 3994.4 with a strong boost. Most of the decrease came from $ 4130 up to $ 3843, with a 6.92% decrease in one fell swoop.
Since the price action has formed a cluster that looks like a smaller bearish banner. The RSI is at 23.4% below its 30% lower limit indicating oversold conditions so I do not think another red candle like the previous one will develop later.
Probably the price will consolidate for a while, potentially recovering to $ 3994.4 for a new resistance test, but I expect a fall from there as this current decline is the start of the wave Y by a minute WXY correction (dark green).
The X wave from that correction is the Minuette WXY (orange) which was the correction that developed the ascending channel in the first place. Since that correction ended, a third impulsive move was to be expected, which is what began.
The target for the expected decline would be around $ 3580, which is the W-wave length projected from the X-wave end point. The price could fall further to the horizontal level at $ 3369, or it could exceed the goal around the horizontal level at $ 3690.
Ethereum ETH / USD Market
Yesterday's price for Ethereum was $ 152.86. In the next hour, it rose up to $ 162.56 but then the candlestick closed at $ 157.54. From there the price fell to the horizontal level to $ 151.82 where it found support and rose again to $ 154.6 from where it started collapsing to $ 132 in just a few hours.
Looking at the time table you can see that the price has fallen on the support line from the increasing wedge in which it is being corrected since the 12345 upward impulse movements when the price of Ethereum reached $ 155.
The price has gone up, but only as he was correcting when the second correction, which was the five-wave WXYXZ side-to-side movement, ended at $ 166. But since this move was corrective, it was Another negative aspect was to be expected, which is what happened and was confirmed today.
The price is currently slightly lower than the support of the upward channels but we can not say that a breakout occurs since the level was not much respected in the past and the price has returned above it at the end.
Since there have been two corrections, this move from the last wave Z could be the beginning of the downward impulsive move. From here I would have definitely expected an increase or at least a certain consolidation as the RSI was about 12% at its lowest point and managed to recover around 21% where it is currently.
Since the price of ETH dropped below horizontal support at $ 151, it could potentially rise up to there for a new resistance test before continuing downwards.
XRP / USD market
From today's opening, which is also the highest point at $ 0.3965, the price of Ripple fell 17.2% as it is currently in freefall at $ 0.32675.
On the hourly chart, you can see that the price is falling rapidly, as the second correction ended today when the price rose to the horizontal level at $ 0.4 and was quickly rejected, which most likely signaled that after a third attempt at breaking the level at the moment there is not enough momentum for the buyers and the sale has started.
The RSI is currently 25.6% below its 30% lower limit which indicates the start of oversold conditions, which is why I do not think the price will continue to fall further.
As in the case of the other criptos, we will most likely now see a period of consolidation that could lead to recovery. When the price fell from the symmetrical triangle area and the horizontal support lowered to $ 0.3538, we could see the price return to those levels to test them for resistance.
The price may also continue to fall further, in which case I do not expect it to fall below $ 0.31.
After these corrective corrections I would expect another major increase as we saw earlier when the price of Ripple rose from $ 0.29 to $ 0.4 at one time. But for this we still have to see and calibrate after the current bearish switch has ended.
Bitcoin Cash BCH / USD Market
From today's high to $ 163.9 the price of Bitcoin Cash has decreased by 21.27% measured the lowest level that has just occurred in the current hourly candle when the price has dropped to 128.9 $.
Now the price has slightly recovered and stood at around $ 134.5 and went a little over $ 139.8, but has started to retrace to establish a higher minimum that will be determined by the hourly closing. current.
On the hourly table, you can see that this collapse was to be expected after a correction was over, so that another began to fall or we were witnessing the start of another impulsive move.
As the market is strongly correlated, we can see that Elliott Wave's chart models and labels are similar to the analogous point of the previous analysis. The price has entered into oversold conditions and is currently seeking support on minor levels. could find.
This situation makes it difficult to say what will happen next, but considering that the price has fallen so in a few hours we could definitely say that bears have control of the market.
From here I expect a consolidation and a minor sideways movement for the price of Bitcoin Cash before further movements.
disavowal: The opinions and opinions of the authors are based on his personal experience and are not designed for investment advice. All trading and investments involve risks. Do your research
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