Bitcoin BTC/USD Price
From Friday open when the price of Bitcoin was around $3900 at the open the price has increased at first by 1.28% as it came up to $3950 which was the highest point the price has been over the weekend as it started decreasing from there to $3868 were the lowest horizontal support level was then increased again to the descending trendline which serves as resistance before falling down to the most significant support line above which it is currently sitting.
This sideways movement we have seen over the weekend was the X wave of the second Minute WXY correction to the downside and as it retested the baseline support with a 5-wave move it most likely ended.
From today’s highest point when the price of Bitcoin was $3907.5 measured to the lowest point, the price has been today at $3768 we have seen a decrease of 3.57%. This decrease was most likely the Y wave, so now as it ended on the 5-wave move we are seeing the start of another correction to the upside.
The similarities in the last Monday’s drop after which we’ve seen the first Minute WXY correction to the upside and the current drop could be seen in the wave structure which is why I believe we are to see a similar correction.
The expected third Minute correction would most likely end around the vicinity of the horizontal resistance either at $3994.4 or lower to the vicinity of the first Minute correction ending point around $3960.
If this is true, then more downside should be expected for the price of Bitcoin as this would be the completion of the 2nd wave of a higher degree impulse out of which the 1st wave would be the 10%+ drop we’ve seen last Monday.
This is still to be confirmed as there are different and alternative counts.
Ethereum ETH/USD Price
From Friday’s open when the price of Ethereum was $130.8, measured to the current level at $128.76 we have seen a decrease of 7.4%. The price hasn’t fallen in a straight line, instead, it moved sideways over the weekend as expected before finally dropping today.
Looking at the 15-min chart you can see that the price fell below the 0.618 Fibonacci level and found support on the descending channel’s support line from which it bounced back to the Fibo level where it got rejected. As the Fibonacci level served as resistance once the price fell below it the price was sent in a downward trajectory and is currently below the descending channel’s support line.
As previously we have seen a correction to the upside which ended on the descending channel’s resistance line the sideways movement we have seen over the weekend following today’s drop is most likely the second Minute correction.
I have counted 5 waves which means that in either way the downward movement is over so we are soon going to see what follows. According to my count, we are most likely to see a third correction which would be to the upside and could push the price much higher than projected.
There is a possibility that from here we see a bullish increase as the price has retraced to the 0.5 Fibonacci level from the last impulsive move to the upside which according to my count was the Intermediate wave Y.
The Intermediate correction might get prolonged by two more waves in which case this whole movement to the downside we’ve seen from last Monday could be the second wave X, which would mean that another increase to the upside could be made but until something dramatically changes my primary count remains.
Ripple XRP/USD Price
From Friday’s open when the price of Ripple was $0.32057 measured to the current level at $0.30951, the cryptocurrency has depreciated in value by 3.45%.
The price increased at first from Friday’s open it came up to $0.33173 at its highest point which was the ending of the third Minuette ABC correction which is why when it ended the price started moving impulsively to the downside like expected.
Now that the price came close to the projected target area and is looking like it found support there with potentially retesting it once more we are going to see the price increase from here but till when we are yet to see as this could be the first impulsive move out of the 3rd wave of a higher degree impulse out of which the Minute WXY correction was the 2nd and the 13.66% decrease we saw last Monday is its 1st.
We could very well see another correction to the upside which is in my mind more likely as the Minute WXY correction could get prolonged by two more waves in which case the current decrease we saw from Friday would be the second wave X and that the last Z wave would bring the price much higher before the mentioned 3rd impulsive move to the downside starts.
Bitcoin Cash BCH/USD Price
From Friday when the price of Bitcoin Cash was $133.1 at its highest point, measured to the lowest levels the price has been today, we have seen a decrease of 9.43% as the price came down to $120.5 at its lowest point today.
On the 15-min chart, you can see that the Y wave ended much lower than I was expecting it to but the price came down exactly to the levels I’ve projected. As the Minuette WXY ended we are seeing the trend continues to the downside. The decrease looks impulsive and is most likely the start of the 3rd impulsive move which still hasn’t ended as the 5th Minuette wave should develop.
After the decrease ends and it will soon we are going to see which of my counts gets validated as I have presented different outlooks in today’s report. The market is strongly correlated still which is why the EW count is similar in the case of every major crypto so what applies to those, applies to the majority.
Crypto Market Overview:
Disclaimer: Analysis of the cryptocurrency market is not intended to be investment advice. All forms of trading and investing are risky. DYOR: Do your Own Research.