Bitcoin BTC/USD Price
From yesterday’s open at $3952.3 the price of Bitcoin has decreased at first to $3902 which was 1.26%. From there the price of Bitcoin started increasing and came up to $3976 at its highest point yesterday from where it again started moving to the downside to $3926.3 and is currently sitting at slightly higher at around $3960.
On the 15-min chart, we can see that the price action has ended been moving in a five-wave manner and as it came down to the 0.618 Fibonacci level today where it has established some minor support an upside move was expected which is what happened.
But since that would be the 5th minor wave it is likely going to end on the horizontal resistance at $3994.4 as a retest of resistance before correcting some more in another three wave manner to the downside.
As this was a three wave correction to the upside the third correction to the downside would be expected before we could see a breakout to the upside as the price needs to establish further support which is why the horizontal support levels below the prior one could serve as a support zone for the expected minor decrease.
This decrease would be the last Minuette correction out of the Minute X wave which means that when it ends another increase would be made according to my count as the Y wave should start developing to the upside.
The Minute Y wave would mark the end of the second correction after the price made the initial decrease of over 10% so according to my count, this would be a correctional upside movement before further downside.
Ethereum ETH/USD Price
From yesterday’s low at $130.85 the price of Ethereum has increased at first by 6.16% coming to $138.92 at its highest point yesterday. After the increase ended another downtrend started which pushed the price to $133.5 at its lowest point today, but since the price fell to those levels another attempt of recovery has been made as the price is currently sitting at $135.56.
On the 15-min chart, we can see that the price of Ethereum increased impulsively yesterday which was the C wave from the previous upside correction and as it ended we are seeing the formation of the third correction to the downside which would mark the end of the Minute wave X.
Looking at the current wave structure we can see that the price action has created 4 Minuette waves which means that another one to the downside would be expected as it is most likely already the start of the expected correction to the downside out of which the A wave would be a five-wave move meaning that we are most likely going to see another Zigzag correction before the X wave ends.
The expected B wave would most likely retest the resistance at the 0.618 Fibonacci level around $137 area before another Minuette low would be established and it could end lower than projected on the above chart.
After this current downtrend ends I would be expecting an increase which would be the Minute Y wave out of the three-wave correction in which the price is from last Monday, February 4th.
Ripple XRP/USD Price
From yesterday’s low at around $0.312 the price of Ripple has increased by 6.58% today to its highest point at $0.33256. The price has retraced since and is currently sitting at 0.3266 area but is still in the upward trajectory.
Looking at the 15-min chart you can see that my projection played out which validated my count once again as the expected C wave to the upside started developing. The price is currently above the 0.236 Fibonacci level which was retested on the way down and the price went quickly below it, but the bullish momentum is still present which is why we are most likely going to see another increase.
The C wave is set to interact with the resistance at $0.3366 but it could end lower than that as I have counted 3 waves out of the C wave which is five-wave move so another increase could lead the price higher but not higher then the mentioned resistance level.
When the C wave ends more downside would be expected for the price of Ripple as it would end on the upside, but it is still unclear whether or not the expected move to the downside would be another correction or would it be an impulsive move like we saw on the initial drop when the price of Ripple decreased by over 13%.
If the Intermediate correction ended we are going to see an impulsive wave 3 to the downside as this horizontally ascending price action would be the corrective wave 2, but there is a possibility that this whole structure is a prolongation of the Intermediate correction.
In either way from the resistance at $0.3366 more downside would be expected from which we are going to see which count is valid.
Bitcoin Cash BCH/USD Price
From yesterday’s low at $125.2, the price of Bitcoin Cash increased by 2.85% to its highest point today when it came up to $128.6 but is currently sitting slightly lower at around $127.8 level.
Looking at the 15-min chart you can see that yesterday’s increase was a three wave move with a bit more room to the upside but looking near completion. This means that the ABC correction to the downside most likely hasn’t ended which is why we are likely to see another minor low before the expected corrective increase.
The price of Bitcoin Cash has been following the major cryptocurrency price e charts which is why we are seeing a similar pattern like in the case of Bitcoin but unlike in the case of Bitcoin, the price of Bitcoin Cash is set to go to retest its horizontal resistance level from the first horizontal sideways correction at $135.3.
As the price is set to retest its significant resistance like in the case of other cryptos we are most likely to see a similar scenario – a retest of the significant resistance ending as a rejection which will propel the price in a downward trajectory again.
The Minute Y wave would develop to the upside after this minor expected decrease so depending on its momentum we are going to see if the horizontal resistance gets broken but I don’t believe that it is likely considering that the choppy price action we have seen from 25th of February is the wave 2 from the five-wave move to the downside.
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Disclaimer: Market analysis is for entertainment purposes only. It is not intended to be investment advice. All forms of investing and trading are risky. Do so at your own risk.