Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Analysis: After Sharp Drop Prices Start to Recover
1 BTC/USD =$46,520.5190 change ~ -5.27%
From Friday's high at $11900 the price of Bitcoin has been decreasing over the weekend as it fell to $9933.7 at its lowest point today which is a decrease of 16.56%. The price is currently being traded at $10271 as it started recovering and is in an upward trajectory.
On the 15-min chart, you can see that the price of Bitcoin started breaking out to the upside from the unconfirmed descending channel's resistance level on Friday and came up to the 0.5 Fib level on the Saturday's high and attempted to move above it but the attempt ended as a failure with the price immediately starting to go to the downside in an impulsive manner.
This attempt was the B wave from the ABC move to the downside which was expected to get rejected by some of the significant Fibonacci levels on the retest, but I was expecting an interaction with the 0.618 level before a move to the downside as the price started breaking out from the descending channel. Instead, resistance was found on the lower level which is the half range point of the previous ABC correction after the 5th wave out of the Minor count ended.
As you can see the price came down exactly to the projected level on the C wave, slightly above the 0 Fibonacci levels but we are yet to see if the downfall ends here as the price is attempting a recovery from today's low. This recovery might be the start of the higher degree uptrend continuation if the WXY correction ended, but I don't believe that it did. More likely we are to see some minor recovery to the upside, potentially retesting the 0.236 Fib level before another drop below the 0 Fib level which will result in a lower low on the third correction which is the Y wave of a higher degree.
All of Today's Bitcoin Price Analysis, Chart Forecasts and Industry News
1 ETH/USD =$1,456.1342 change ~ -7.55%
From Friday’s high at $278.79 the price of Ethereum decreased by 26.53% over the weekend and fell to $204.82 at its lowest point today.
The price is currently being traded at $226.7 as it started to move to the upside after today’s spike and is attempting to recover.
On the 15-min chart, you can see that the price of Ethereum came down below the interrupted ascending trendline and has interacted with the 0.5 Fib level where it found support. The price is now back at the vicinity of the ascending trendline as it is retesting it for resistance.
The price of Ethereum has most likely ended its ABC correction from 26th of June when the five-wave increase ended but that doesn't mean that further downside movement can’t be seen. This minor recovery could find resistance at the ascending interrupted level which will propel it into further downside trajectory.
If we’ve seen the completion of the ABC correction a recovery might bring the price of Ethereum back to around the 0.236 Fib level at $260 as it was also the significant horizontal support level but at there is still some firm support to be established before that could occur.
The price fell below its lower ascending blue trendline which was the support level from the ascending channel in which the price has been since th 26th of April and is a significant pivot level which indicates that now as the price moved below it we are likely seeing the start of the higher degree downtrend.
This downtrend could be the higher degree correction out of which the ABC correction seen from 26th of June would be its first sub-wave which is why in the upcoming period I would be expecting a recovery before another start of the impulsive decrease.
All of Today's Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
1 LTC/USD =$171.6983 change ~ -10.85%
From Friday's high at $106 the price of Litecoin has decreased by 19.44% as it fell to $85.41 at its lowest point today. The price is currently being traded at around $87.97 as it found support at the horizontal support range above which it is attempting to establish support. On the 15-min chart, you can see that the price of Litecoin came down to the projected level which was assumed to be the 5th wave out of the impulse wave to the downside which started on the 4th of July. This five-wave decrease is the C wave from the higher degree ABC correction which started on the 29th of June and is the Z wave from an even higher degree count. As the price came down to the significant horizontal support range and entered its territory it found support and managed to pull back up but this might not be the end of the decrease.
Another spike to the downside could be seen if the minor corrective recovery attempt is the 4th wave of the lower degree from the 5th an ending wave. As the price is attempting to make a recovery we are yet to see if there is a potential of a reversal, but at this point, the chart looks extremely bearish with no signs of a major recovery on the horizon. Even though we've seen the interaction with the upper horizontal level ending as a bounce the sell-off momentum looks stronger which is why this bounce might be only a temporary one.
In either way, I would be expecting a recovery from here out of whose momentum we are to reevaluate the potential of the reversal.
All of Today's Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News
The cryptocurrency market has experienced a decrease in its evaluation with the prices of the major cryptos showing impulsiveness in their price action. A small recovery would now likely occur but considering that we have likely seen the end of the bullish period I wouldn’t expect the recovery to lead to further uptrend continuation, but would more likely be another recovery before another downside movement starts.