Bitcoin (BTC), Litecoin (LTC), and Ripple (XRP) Analysis; Major Crypto’s Struggling for Momentum


Bitcoin (BTC) Live Price Watch

1 BTC/USD =$46,591.7619 change ~ -1.87%

Coin Market Cap

$867.58 Billion

24 Hour Volume

$15.35 Billion

24 Hour VWAP

$47.06 K

24 Hour Change

$-871.90

From yesterday's open at $7581 the price of Bitcoin has increased by 5.76% as it came up to $8017 at its highest point today. Last Friday the price came up to $8140 which was the first significant horizontal resistance level on the way up which is why the price got rejected at those levels and was sent back to the levels from which the increase was made. As today we have seen the price coming slightly lower than on Friday it has gotten close to the significant resistance point again and is currently forming a cluster as indicated by the price action.

BTC/USD Chart: Click to see the full-size image

Looking at the hourly chart, you can see that the price hasn't come up above the purple interrupted line which is the mentioned first significant resistance point above which it is considered to be the start of the 2nd wave's territory out of the presumed five-wave move from Thursday 30th of May. If we are seeing the starting downtrend with the first five-wave move developing to the downside, the price cannot enter the territory of the 2nd wave on the 4th and as the level was respected the likelihood of the starting downtrend in a five-wave manner is highly likely.

If we are seeing the development of the five-wave move to the downside the price cannot go above $8140 before going down for a lower low below $7513 which is the ending point of the presumed 3rd wave, potentially ending around the 0.236 Fibonacci level at $7056. But if the price continues moving to the upside from here and goes above $8140 we could have seen the three-wave structure ending last Friday with now the second correctional structure to the upside developing in which case the next significant resistance point would be at around $8500.

Ripple (XRP) Live Price Watch

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

From yesterday's open at $0.37978 the price of Ripple has increased by 6.29% measured to the highest point the price has been today which is at $0.4036.

XRP/USD Chart: Click to see the full-size image

Looking at the hourly chart, you can see that the price has started moving to the downside again and is currently being traded at $0.38940 at the 0.618 Fibonacci level which serves as a support and is currently being tested. The price action formed a descending channel/triangle from 30th of May as it moved in a five-wave manner. As the price came up above 0.786 Fibonacci level last week and entered the territory of the 2nd wave the impulsive wave has been invalidated which is why I believe that more likely we are seeing a WXYXZ correctional structure.

The correction might have ended on the spike to the channel's support made on Sunday but I believe that a proper interaction with the 0.5 Fibonacci level would mark its end which is why from here I would be expecting another downside move to $0.36952 before its completion. As the price of Ripple ended its five-wave increase on 30th of May we are likely seeing a higher degree correction developing out of which the seen WXYXZ correction would be its first move.

After the completion of the current correction, a breakout from the descending channel on the upside would be expected but if we are seeing the starting downtrend it wouldn't exceed the 0.786 Fibonacci level before another downturn starts.

Litecoin (LTC) Live Price Watch

1 LTC/USD =$171.6836 change ~ -2.96%

Coin Market Cap

$11.4 Billion

24 Hour Volume

$1.02 Billion

24 Hour VWAP

$175

24 Hour Change

$-5.09

From yesterday's open at $113.52 the price of Litecoin has increased to $130.188 at its highest point today which was an increase of 14.68% but since it came up to those levels a cluster started forming as the price has entered the seller's territory and is currently being traded slightly lower at $126.65.

LTC/USD Chart: Click to see the full-size image

On the hourly chart, you can see that the price of Litecoin increased to the projected level but without going to $122.32 level for an interaction which would establish some support. This makes this rise more unsustainable. As the price made has been on the rise since last Wednesday when it was sitting at $98.74 and has done so in a five-wave manner entering the seller's territory, a move to the downside would now be expected to start shortly.

The price of Litecoin likely ended its second correctional structure after the completion of the five-wave impulse to the upside which ended on the 30th of May and after which we've seen the first correctional structure to the downside developing. This first structure looks like it has been a WXYXZ correctional structure which is why we could be seeing the beginning of the next impulse wave to the upside especially considering that the price moved in a five-wave manner to the upside from 5th of June, but if it did it would only mean that we have seen the completion of the 5th wave from the higher degree Minor count.

This would indicate that the price is now headed for a downside movement of the same degree which if plays out like expected would bring the price of Litecoin significantly lower then the current levels. The first significant support zone for the price of Litecoin would be at around $83 area but if we are seeing the higher degree downmove the price would continue moving below the area after some correctional upside movement potentially retesting the $109 significant resistance level.

Conclusion

The prices of the major cryptos have been struggling to keep up the upward momentum as they’ve encountered strong seller’s pressure. We are now most likely going to see the prices moving to the downside for another lower low which would confirm the starting downtrend of the higher degree.

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