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Bitcoin (BTC), Litecoin (LTC), and Ripple (XRP) Analysis: Market Seeing A Retracement Before Next Run
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PocketBitcoin BTC/USD Market Forecast
From yesterday's high at $10976.7 the price of Bitcoin has decreased by 9.62% as it came down to $9920.6 at its lowest point today around which the price is currently being traded.
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Looking at the hourly chart, you can see that the BTC price came down to the 0 Fib level but there hasn't been an interaction, as the price found support at the vicinity of the 1st wave's ending point. As the WXY correction ended an upward five-wave move has been seen developing until yesterday's high. There could still be a possibility that this wave hasn't ended as we could be seeing the 4th wave developing.
Considering that the price fell impulsively and broke the significant ascending trendline I don't believe that the 5h wave hasn't ended. More likely we've seen the completion of the first wave with the downfall from yesterday being the start of the 2nd one.
If the five-wave increase seen from last Wednesday until Sunday's open was the first sub-wave of the next starting impulse to the upside the downfall from yesterday's high could continue to its starting point at $9168.3 before we see another upturn but considering the vicinity of the 0 Fib level I don't believe that the 2nd wave would retrace that much.
This increase might end on the next upward wave as another three-wave corrective move which would mean that the WXY correction got prolonged by two more waves, but for now the projection is that a five-wave increase would occur, most likely above the 0.618 Fib level.
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Ripple XRP/USD Market Forecast
From yesterday's high at $0.34129 the price of Ripple fell by 9.54% measured to its lowest point today at $0.30874 around which it is currently being traded.
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Looking at the hourly chart, you can see that the price broke out off of the ascending triangle as the XRP price came back to retest the significant resistance point at the 0.382 Fibonacci level and the intersection with the higher degree ascending trendline.
This ascending triangle could have been the first wave out of the starting impulse wave to the upside as the corrective wave to the downside ended on the significant horizontal support level at $0.29405. If this is true then we are seeing the 2nd wave developing. The 2nd wave looks near completion but further decrease could be seen before its completion as another retest of the significant horizontal level might occur.
In either way, after this retracement, I would be expecting another increase above the significant resistance point and potentially all the way to the 0.786 Fibonacci level at $0.4177.
All of Today's Ripple (XRP) Price Analysis, Chart Forecasts and Industry News
Litecoin LTC/USD Market Forecast
From yesterday's high at $100.6 the price of Litecoin has decreased by 9.73% as it fell to $90.32 at its lowest point today around which the price is currently being traded. Some temporary support is found as the price decrease has been stopped out for the time being but we are yet to see if this support serves as a reversal point or are we to see the decrease continue.
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On the hourly chart, you can see that the price to retest the horizontal resistance level on yesterday's high and got rejected there which is why a breakout occurred below the lower ascending trendline. This minor breakout indicates that the first-wave increased ended with the price retracing after.
If we are seeing the 2nd wave out of the higher degree five-wave move it could continue its downward trajectory to the support zone at $85-83 as to establish firm support before another impulsive move might occur. Prior to the five-wave recovery, we've seen a complex WXYXZ correction ending from the yearly high at $144 which is a decrease of 44.62%. If this correction was another retracement in the uptrend from the 15th of December the now seen five-wave recovery could be the start of the next impulse wave as the uptrend continues.
However, more likely we have seen the completion of the bullish period from 15th of December as the 5th wave of the Minor degree ended at $144 level. If this is true, then we are now seeing the higher degree correction to the downside out of which the complex one would be its first wave. That would make the recovery seen from last Wednesday the corrective upside wave before the price stars falling more impulsively to the downside. In that scenario, the increase now projected to be the five-wave move would end as a three-wave one potently as an interaction with the $122 zone.
If the price doesn't increase above the $122 horizontal zone and the rejection there pushes it back below $100 the likelihood of further decline would increase, but if the price starts moving impulsively above the level and finds support at the $122 zone on the next retracement, we would likely be seeing the uptrend continuation.
All of Today's Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News
Conclusion
The cryptocurrency market has experienced a decline in the last 24 hours as the prices of the major cryptos have fallen by approximately 9.4% on average. This decline is considered the be a retracement before another runup which would be the continuation of the recovery seen from last Wednesday.
This recovery might not last for much longer and I wouldn’t expect the price retesting their yearly highest before another impulsive downturn starts, but there is still a possibility that we haven't seen the completion of the bullish period.
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