Cryptocurrency Market Update: BTC, ETH, XRP, and BCH Price Analysis

Bitcoin BTC/USD Market

From yesterday’s open at $4094 measured to the current levels of $3732.2 the price of Bitcoin has decreased by 8.85%. The price went further down yesterday to $3688.5 but since it interacted with the horizontal support level it started consolidating and recovering and is currently in a sideways but upward trajectory above the horizontal support.

Looking at the 15 min chart you can see that the minor ascending channel has started to which looks like a lower leg cluster on a higher time-frame. The price has gone yesterday below the horizontal support at $3994.4 and the ascending channels support line when it started creating a lower leg in the mid range which I said looks like a bearish pennant.

After the price broke out from the bearish pennant it continued its downward trajectory and has come down to the next horizontal level that serves as a support point which is at $3692. The price has entered the descending channels territory and is now likely heading up for a retest at the resistance line.

My Elliott Wave count implies that the upside movement inside the current ascending channel is the 4th wave from the impulsive move to the downside as it is the last Y wave from a higher degree corrective count, so another move to the downside is expected when the price ends the current consolidation.

In theory, the price could recover all the way up to $3994.4 as the 4th wave develops but I don’t believe that it's likely. More likely we are going to see a rejection around the descending channels resistance line which was well respected in the past and strong momentum needed for a breakout on both sides. The target for the 5th wave would be around $3550-3450 area but it could continue on further to the downside.

Ethereum ETH/USD Market

From yesterdays open at $154.29 the price of Ethereum has decreased by 15.86% as its currently being traded at $129.34. The price went further down yesterday when it came from the opening price at $130.9 to $125 at its lowest point, but has since recovered slightly.

On the 15 min chart, you can see that the price fell steeply and quickly down to the ascending wedge support line at first and went slightly below it which happened in the past but the price managed to pull up above it which is what didn’t happen this time as the price continued moving downward.

Currently, the price is stuck in a range between the resistance point of the previous retracement descending trendline. The move to the downside has been labeled as the WXYXZ as I believe that it will end as a five wave move similarly like in the case of Bitcoin.

Now that the price is putting upward pressure on the encountered resistance the buyers are likely going to push the price back to the level around the rising wedge support line which now serves as resistance for a retest.

That would be the 4th wave of the third Minute correction which is why I would be expecting another move to the downside as the 5th corrective wave should develop. Its target would potentially be to the levels of the prior low of the first retracement labeled as the minor W at $117 when the price of Bitcoin retraced from $157.

It could further down to the horizontal support level at $111.27 where the 4th wave from the impulsive move to the upside ending point is. This would leave this whole correction as a Minor WXY which would be an expanded flat with the X wave sticking out above the ending point of the impulse wave.

XRP/USD Market

From yesterday’s open the price immediately spiked up to around $0.4 area and from there quickly started falling after it failed the exceed the horizontal resistance encountered at those levels.

It kept falling throughout most of the day and reached $0.3288 at its lowest point. The price has started recovering since and has been $0.3385 at today's open from where it fell at first to $0.33221 which was the higher low and the first sign of a minor uptrend.

Looking at the 15 min chart you can see that the price broke out from the symmetrical triangle with strong momentum and has gone below the horizontal support level. Now that the price is again in an upward trajectory it is most likely heading upward for a retest of the broken support levels.

The second Minute correction ended so I believe that this is the third one and is likely going to be a three wave correction with the current ascending structure being the second wave to the upside. If this is true, an equal length as the first move is to be projected on the second wave expected apex in order to come up with the target.

Doing so target appears to point at the lower bold black line which is the support line from the descending structure the price action is on a higher time frame but is a significant support level. Considering that the price previously interacted with the descending structure’s upper level on the 5th impulse wave, it is now very likely heading towards it’s lower levels.

This would be the end of the third Minute correction which would constitute the Minor WXY correction after a Minor 12345 impulse wave, which means that a trend continuation is to be expected after it ends.

Bitcoin Cash BCH/USD Market

From yesterday’s open when the price of Bitcoin Cash was at $159, the price increased at first, spiking to $164 but starter falling down fast from there and reached 126.6 at its lowest point today. Currently, the price has managed to stay above the $130 which is an overall decrease of 17.9% measured from yesterday’s open.

Looking at the 15 min chart you can see a similar situation like in the case of Ripple – after an impulsive wave, a correction is taking place and the current move to the downside was the first wave of the third Minute correction or the Y wave from a higher degree Minor WXY.

The price came down below the support point from is why it is most likely heading upward as the X wave develops, but I don’t believe it would go further than the levels of the first minor resistance which is at $142.

From there another decrease is expected around the same length as the first wave which brings the price target at $108.4

Disclaimer: The views expressed in this Market Analysis represent my own views and opinions. It is not meant as investment advice. Do your own research before investing. All forms of investing is a risk.

Publication date: 
01/11/2019 - 21:32