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Bitcoin BTC/USD Price Watch
From today’s open at $3723 the price of Bitcoin fell to $3666 which is a decrease of 1.48%. From there it started increasing again and came up to $3700 before another downfall and is currently sitting at $3672.
The price is still above the 0.382 Fibonacci retracement level which was retested today for support after which the move to the upside was made indicating that the buyers are there and are willing to hold the price again.
As the price previously interacted with the horizontal resistance when it came up to the levels of today’s around $3723 which is the previous lower high ending point, and since it got rejected, showing that the sellers are still present at those levels the price has entered another move to the downside which could very likely result in another breakout below the 0.382 Fibonacci level and on to the horizontal support at $3631.
Counting the sub-waves of the current corrective structure seen from the increase on Monday we can see that the price action created two corrections with the third one currently in play. As its most likely going to and as another three waves WXY, the Y wave to the downside is expected from here and the first level significant enough for interaction is the mentioned horizontal level which is why it is the optimal target.
After the move to the downside has ended an increase would be expected as seen on Monday. This is the second wave X from an Minor WXYXZ count which is why after it ends the price of Bitcoin is headed for another downfall, as the last wave Z should start developing to the downside.
Ethereum ETH/USD Price Watch
From today’s open, when the price of Ethereum was at $126.2 the cryptocurrency has depreciated in value by 3% as its currently being traded at $122.32. The price at first fell to those levels but spiked up again to $124 before going back down again.
This kind of price movement is logical considering that the price is getting close to the end of the current consolidation which can be seen as a descending triangle. As you can see from the 15 min chart the price fell again to the triangle’s support line and is again putting pressure on the level with a breakout to the downside looking imminent.
If the Y wave from the second Minuette correction (orange brush) ended than the third correction to the downside has begun (green brush), if the correction gets prolonged by two more waves we are going to see more sideways movement before the start of the third correction which will lead to a breakout to the downside.
This expected third correction is expected due to the fact that it would most likely be the end of the Minute X wave and since after it ends a move to the upside is expected, the correction of a minor degree that is currently developing has to end on the downside on the support levels.
The target for the expected decrease depends on the current second correction and if it ends on the Y wave or on the Z wave. If the correction ended on the Y wave then the target would be higher, and if it gets prolonged by two more waves I would expect it to go lower. In either way, I wouldn't expect it to go below $118.
After this ends, I would be expecting another increase as we have seen on Monday – an impulsive move to the upside reaching the levels of the previous high or potentially even going a bit higher which would be the end of the Minor second wave X.
XRP/USD Price Watch
From today’s open at $0.3345 the price of Ripple has fallen by 2% as its currently being traded at $0.32814. Today’s open was an interaction with the descending triangle’s resistance line so after the interaction ended as a rejection the price started its downward trajectory again and has currently gone below the first horizontal support level at $0.32810 and is likely heading for the next one at $0.32702 which is the lower support level from the minor support range.
Looking at the hourly chart you can see that the price action has been stuck inside a descending triangle since the start of the week and has been bouncing inside and is now close to its apex which indicates that a breakout is to be expected which means that a move with a greater momentum is likely about to happen any time soon.
Like in the case of other cryptos, as the market is strongly correlated we are going to see a breakout to the downside in which case I wouldn't expect the price to go below $0.32216, before another increase like the one we have seen on Monday.
The expected target for that increase would optimally be at the horizontal support at $0.35382 but could end significantly lower if the price continues falling down from here.
This would be the end of the second wave X which means that further downside is expected for the price of Ripple after this sideways movement ends.
Bitcoin Cash BCH/USD Price Watch
From today’s open at $129.5 the price of Bitcoin Cash has fallen down to $126 where it is currently sitting which is a decrease of 2.88%.
Looking at the hourly chart we can see that the price has fallen back to the levels of the support line from the triangle that started forming from Monday when the price of Bitcoin Cash increase by 10% coming up to $135.3.
What has been stated for other cryptos is true for the price of Bitcoin Cash – a minor downfall is to be expected followed by an increase of the similar magnitude like the one we have seen on Monday, which would be the end of the second wave X from a WXYXZ correction of the Minor count.
The target for the expected minor decrease would be to $122.3 where the x wave from a Minuette correction is (orange). The price target for the expected increase would be at around the hight of the previous high which would be at $135.3.
Disclaimer: All trading and investing scenarios are risky. This is not meant to be investment advice. Do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.