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Price analysis of Bitcoin BTC / USD
From yesterday's highs to $ 3789.2, the price of Bitcoin fell 5.4% as it is currently trading at $ 3585. The price of Bitcoin reached $ 3839 at its highest point over the weekend, but the upward shift was corrective in nature, another fall, while a continuation of the trend occurred.
The second wave of X from a WXYXZ Minor correction is over, which is why this current downward movement is most likely the last move by this fix that has been in play since December 24th.
Looking at the time table you can see that the price fell below the Fibonacci level to 0.382 which served as strong support and below the lowest horizontal support level around $ 3630 (broken purple line) which was the support level of the previous range that looks like the current one.
Judging from my Elliott wave count, there is another downward shift before this current fall ends, but most likely it is not the end of the Minor correction and the ends of the Z wave. that the price has fallen further to the Fibonacci 0.236 level is going to undergo a correction very similar to the one that made the last time on a fractal of higher time.
After this expected correction developed, we expected a further continuation of the downtrend and the end of the correction of WXYXZ Minor, whose price target I projected onto the next level of horizontal support online, which is $ 3367.3.
Price analysis Ethereum ETH / USD
From yesterday's opening to $ 126.66, the price of Ethereum fell 6.36% while it is currently trading at $ 118.3. The price fell further to $ 115.74 today, but since then the price has slightly recovered.
Looking at the hourly chart you can see that the price action has created a model similar to that of Bitcoin because the market is strongly correlated. But unlike the case of Bitcoin, the price of Ethereum did not go below its horizontal support level lower than the previous interval or the final wave of the minor wave Y.
The price fell below the level of 0.5 Fibonacci, but managed to rise above it today, since a 2% recovery was made. Now we will probably see another lower grade correction, which is why we will most likely see a further decline from here for the price of Ethereum.
As in the case of Bitcoin, the price of Ethereum is in a minor correction of WXYXZ and is currently in the last phase of that correction when the Z wave started to develop. The target price for the final point of the Minor correction is $ 104 but we may not see a direct fall from here as the price of Ethereum is very likely to find support on the 0.382 Fibonacci level at first, start the recovery that is to retest the broken media probably the one at the lower horizontal level at $ 115.7 and then continue its downward trajectory for another lower one.
XRP / USD price analysis
At yesterday's opening the price of Ripple was $ 0.33632 from where it dropped to $ 0.31813 at its lowest point yesterday, with a 5.31% decline. Currently, the price is trading around $ 0.32214 following a recovery.
The price went even higher today, reaching $ 0.32694 at its highest point today, but only as a spike to retest the broken support for resistance that can be seen on the hourly chart below.
Since the horizontal support zone from $ 0.3281 to $ 0.32702 was interrupted with a strong impulse and the price was quickly dismissed there with an immediate retracement, we can say that it is only a minor consolidation before a further discount.
As in the case of Bitcoin and Ethereum, the price of Ripple has also finished its second wave X with greater probability and the Z wave down has begun, but the expected decline is not going straight.
We will probably see the price point further sideways after this current downturn has ended and maybe even a little higher due to the proximity of the Minute Y wave as the Minute correction could be prolonged by two other waves X and Z .
If this is true, the lateral movement could confuse many to believe that the Minor correction is finished so to have a confirmation we can say that if the price exceeds Y Minute, the Minor correction is terminated, but if the price goes beyond after the drop expected from this current interval it can be said that the Z wave is not over yet.
The target price for the Z wave is at the horizontal support level around the $ 0.3 area that can not be seen on the chart above but is the end point of the first impulsive move we have seen since December 16th when the price of Ripple rose from around $ 0.287 to $ 0.4461.
Bitcoin Cash BCH / USD Price analysis
The price of Bitcoin Cash dropped by 7.5% yesterday when it dropped from $ 129.5 at the highest point to $ 119.8 at the minimum. Currently, the price is trading at $ 121.8, as a slight recovery was made in which the price stood at $ 123 at its highest point today.
Looking at the hourly chart you can see that the price of Bitcoin is in a minor correction of WXYXZ after an impulsive move since December 16 when the price of Bitcoin Cash has risen from $ 74 to $ 230 at its peak.
While the impulsive move ended a correction from which I believe that the current downward movement is the final wave Z. As in the case of other criptos the price of Bitcoin Cash had previously ended the second wave X on the Wave Y Minute when the upward rise was made over the weekend, but the increase did not exceed the Minute W wave point, which is why after a steady decline we a more aggressive one followed.
Since the price is currently in a smaller range, you should expect a bearish breakout from here and a further fall. The target price for the Z wave would be to the horizontal support around $ 104, but we might not see a direct fall as the price could undergo some further lateral movement after the expected decrease.
Disclaimer: The analysis is not intended as an investment advice. Trade at your own risk
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