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Bitcoin BTC/USD Price Analysis
From yesterday’s high at around $3560 the price of Bitcoin has fallen to $3463 at its lowest today, but has started recovering since and is currently sitting at $3521.8 which is an overall decrease of less than 1%.
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Looking at the 15-min chart you can see that the price of Bitcoin is currently in an upward trajectory after a breakout from the ascending wedge on the downside. The upward move has been stopped out at the 0.786 Fibonacci retracement level measured from the last increase which is why I believe that the price isn’t going up further but is going to start falling down to the level of the prior low.
This would be the development of the Subminuette WXY correction after the initial increase we have seen on Tuesday. This correction would be the X wave from a higher degree Minuette count which is the 4th wave from the Minute count off of the 12345 impulsive moves to the downside.
This means that one more low should be expected before the increase which is set to go when the 5th impulsive Minute move ends and by looking at the significant levels you can see that I have projected the optimal price pathway according to my Elliott Wave count.
The target price for the end of the 5th wave would be on the intersection of the descending wedge support and the horizontal support zone which would be around 5th of February which is perfectly in line with the sideways movement that is expected to occur until then and would be enough time for the price to reach that intersection on the 5th wave.
Ethereum ETH/USD Price Analysis
From yesterday’s high at $112.9 the price of Ethereum has been in a downward trajectory and has fallen today to $105.82 at its lowest but managed to recover quickly as its currently sitting at 108.72.
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Looking at the 15-min chart you can see that the price action broke out from the handle which was formed yesterday on the downside as the minor horizontal level didn’t serve as support. The price fell only by a little below it but enough to say that this cup and handle isn’t bullish.
Now that the price is in an upward trajectory and has managed to come above it once again it is still unclear what this wave is but since the price definitely isn’t showing bullish momentum I believe that we are still in stage 4 of the impulsive move to the downside which is why I am viewing this whole move as another wxy correction.
This current upswing could be the corrective wave X from a correction of a lower degree because it definitely isn’t the going further up at least for now as the first signs of weakness have been displayed as the price encountered resistance which isn’t that significant but yet has stopped the price out.
From here I think that we are going to see a continuation to the downside to the vicinity of the prior low levels which would be the end of the Minuette wave X after which another increase would be developed to the upside to the vicinity of the wave W-ending point optimally.
After this sideways move ends I would be expecting a lower low which would mark the end of the Minor WXYXZ correction as the Z wave would end and with it the Intermediate wave X which is why I would be expecting to see an impulsive move to the upside afterward.
XRP/USD Price Analysis
From yesterday’s high at $0.334 which was only an hour from the open, the price of Ripple has been falling and has reached $0.3037 at its lowest today. Currently, the price is sitting at $0.31260 which is an overall decrease of around 8%.
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Looking at the hourly chart you can see that the yesterday's increase was to the vicinity of the MInor W wave ending point which is perfectly within the rules of the Elliott Wave Principle and is the reason I feel pretty confidante labeling it as the second wave X from this Minor WXYXZ correction that started on 24th of December last year.
The price came up to the 0.33841 horizontal resistance level which is the significant resistance point made at first as a support on the W wave pullback but was well respected as resistance when the price fell below it on the first X wave when the price needed strong momentum to break it to the downside.
All of this implies that the strong bullish momentum that led the price up by almost 16% yesterday has now been exhausted after the attempt to break the mentioned resistance which is why the price has started moving to the downside again.
As this is was most likely the ending point of the second wave X now another low is expected as the Z wave should end, optimally around the descending channels support line (lower bold black line) or in price terms at around $0.25.
Bitcoin Cash BCH/USD Price Analysis
From yesterday’s high at $119 the price of Bitcoin Cash has fallen by 7.62% at first as it was on $110 level at its lowest point today, but since the price reached those levels its started increasing again and is currently sitting at $115.7.
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Looking at the zoomed out hourly chart you can see my count clearly as well as my projection. The Minor WXYXZ correction looks like it hasn’t ended after all, but instead, we are most likely going to see another low to around $102 are or even lower to $95 area depending on the momentum.
The price is currently in an upward trajectory but this is only correctional before further downside as this is the 4th wave of the last impulsive move to the downside which is correctional in nature.
After the Minor correction ends like in the case of other cryptos I would be expecting an impulsive move similar to that we have seen until the 24th of December last year.
Current Crypto Market Prices:
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Disclaimer: Trade analysis and opinions are not meant to be investing 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.