Bitcoin (BTC), EOS, and Litecoin (LTC) Price Prediction: Top Crypto Market Analysis
1 BTC/USD =$38,634.1480 change ~ -3.22%
From yesterday's high at $1373 the price of Bitcoin fell by 17.17% today measured to its lowest spike at $11377, but the hourly candle closed above $11760 and managed to stay there and has found some temporary support.
As you can see from the hourly chart the price came up to the projected level of the 5th wave from the impulsive move which started on the 10th of June, after which a sharp downturn occurred. The price spiked down to the 0.5 Fibonacci level but there wasn't an interaction before recovery has been made which could indicate that the support is still around those levels but if we have seen the end of the higher degree 5th wave which is the lower degree five-wave impulse from the 10th of June, we are now likely the see a start of the higher degree correction.
Considering that the price of Bitcoin continuously rose from 8th of February without a major correction and in some instances in a parabolic manner, this growth is considered unsustainable and further overextension would only contribute to the downward momentum which will follow. This is why I would be expecting the price of Bitcoin significantly lower from the current levels from here for at least 30% which would bring the price of Bitcoin inside the area of the first significant support between the 0.382 Fibonacci level and the significant horizontal level at $8500.
If we have seen the end of the higher degree 5th wave, however, the price will continue to move further to the downside as we've seen the completion of the bullish period for the price of Bitcoin.
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1 LTC/USD =$168.2261 change ~ -2.94%
From yesterday's open at $137.7 the price of Litecoin has decreased by 16.15% as it fell to $115.517 at its lowest point. It is currently being traded at $117.36 as it spiked to the downside inside the lower range inside the horizontal resistance area.
On the hourly chart, you can see that the momentum behind the downward move was strong, as the majority of the decrease occurred in one hour. After yesterday's interaction with the minor horizontal resistance level ended as a rejection on the second attempt the sellers took control and pushed the price below the significant support area around the intersection of the horizontal level at $122 and the ascending trendline from 9th of May.
The price has entered the lower horizontal range below $122.32 and the highly significant pivot level at $109.356. This pivot level is the significant horizontal support in the first half of the bear market in the price of Litecoin and was the final support level out of the support zone whose median level is the $122.32 one. The next in line to the upside is at $137 which means that on a higher time scale the price came up to the broken support level which was broken on the 10th of June 2018 and retested it for resistance.
Considering that we've seen the ending wave to the upside and that the price was exhibited impulsiveness to the downside going below the ascending trendline and the significant horizontal support level after, I believe that we have seen the end of the bullish upswing from 29th of April. This means that a higher degree correction is now likely to push the price of Litecoin significant lower by at least 30%. The first significant support zone would be at around $83.
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1 EOS/USD =$4.9242 change ~ -4.31%
From yesterday's high at $7.3832 the price of EOS has decreased by 15% as it came down to $6.2724 and even spiked further to the downside to $6.124 at its lowest point. The cryptocurrency is currently being traded at $6.36 as some temporary support has been found.
As you can see from the hourly chart, the price of EOS fell below the horizontal support level at $6.81 with strong momentum as the hourly candle which broke the level was 12% and was the majority of the seen decrease. After a minor recovery attempt, another collapse has been seen but the price managed to pull back up above the 0.236 Fibonacci level as the hourly candle closed above.
On the 23rd of June, we have seen the end of the upward structure which formed after an impulsive decrease. The price came to 0.618 Fibonacci level of the previous impulsive decrease on the upward recovery that followed so considering that the wave structure implies the completion of the higher degree 5th wave on the 1st of June we are now likely seeing the third wave of the correction to the downside.
If this is true then the price is set to go below the ending point of the first wave which is at $5.95. The first significant support zone on the way down would be at a 5.58
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Crypto Market Overview
The cryptocurrency market has reached the completion of the bullish period as the prices have gotten overextended. The selling was seen in the last 24 hours as an reaction the the unsustainable growth and now that the market has started being ruled a a bearish sentiment we are likely to see it continue in the upcoming period.
If we have seen the end of the higher degree 5th wave from the impulse wave which started on 8th of February the prices are headed significantly lower than their current levels to around some of the broken resistance points on the way up which will in the case of Bitcoin be at $6250 and even lower to $4300.