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Bitcoin (BTC) Price Prediction Plus Ethereum (ETH) and Litecoin (LTC) Market Forecasting
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PocketBitcoin (BTC) Analysis
Over the weekend the price of Bitcoin continued increasing and came up by 17% – from Friday's low at $9520 to its highest point on Sunday at $11141. The price is currently being traded at $10864 as a small recovery has been made from today's low at $10572 at its lowest spike.
Click to see the full size image.
On the hourly chart, you can see that the price of Bitcoin increased above 0.382 Fibonacci level which was considered as a significant pivot point whose surpassing could serve as another confirmation of the starting bull market. As the price managed to not only stay above the level but continued increasing with impulsiveness we could say that a breakout occurred, but the momentum has been stopped out at the next significant Fib level which is the 0.5 one at $11307.
An interaction has been made with the 0.5 Fibonacci level but only as a quick spike before the price has started showing signs of struggle. This means that strong resistance has been encountered at those levels so we are yet to see if the increase continues. The horizontal sideways range with the following increase seen from the 5th of June is most likely the next impulse wave to the upside and should be the 5th wave of the Minor degree. It started developing after an ABC correction which indicates that the five-wave move on the Minute count is being seen.
The price action has started forming another horizontal sideways range but judging by the momentum it might end as an ascending one which indicates further buyers interest even though the price has experienced a parabolic rise. This could mean that another increase is yet to come above the 0.5 Fibonacci level as the five-wave impulse is to develop fully.
Another possibility would be that the five-wave move to the upside of the Minute degree ended but there aren't any signs of the momentum slowing down any time soon as the price retraced only by 5.8% from yesterday's high but was continuously increasing from 10th of June and came up by 48.5%.
All of Today's Bitcoin Price Analysis, Chart Forecasts and Industry News
Litecoin (LTC) Analysis
The price of Litecoin has increased from Friday's open at $135.27 by 6.44% as it came up to $143.985 at its highest point on the next day. As the price broke out from its minor horizontal resistance level it struggled to keep up the upward momentum and finally, the seller's took control on Sunday causing the price to retrace back to the levels of Friday's open around which it is currently being traded.
Click to see the full size image.
Looking at the hourly chart, we can see that the price is currently retesting the minor horizontal support level at around $135 and is looking like some support might be there, but considering the seller's momentum, it is likely to serve as support only temporarily. We have seen a five-wave impulse to the upside ending on 12th of June after which a descending triangle developed.
As the structure that followed hasn't shown any signs of impulsiveness it could be viewed as the second correctional structure from the higher degree three-wave correction.
If this is true then the impulsive bearish momentum seen from yesterday could be the starting third wave to the downside which would push the price of Litecoin below the first once ending point. This would mean that the price is now likely headed below $126.18 where the descending triangle apex is or at least around those levels for a retest of support which would occur if the five-wave impulse to the upside hasn't ended.
If the five-wave impulse to the upside hasn't ended after a retest of the $126 area we would see a start of the next impulsive increase but if the increase ended which I believe that it did the price is set to go further to the downside below $126 area.
All of Today's Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News
Ethereum (ETH) Analysis
From Friday’s open at $272 the price of Ethereum has increased by 16.94% as it came up to $318.15 at its highest point on Sunday. The price started decreasing since and has come down to $302.17 on today’s low and spiked even further to $292 but the spike to the downside occurred quickly leaving a wick on the hourly chart.
Click to see the full size image.
At the moment the price is being traded at around $310.31 and is in an upward trajectory but is struggling to surpass the 0 Fibonacci levels around which strong resistance has been encountered.
Looking at the hourly chart, you can see that the price came up to the intersection of the 0 Fib level and the ascending trendline which is the resistance line of the ascending channel from 26th of April.
The resistance found at those levels proved to be stronger than the bullish momentum which is why we have been seeing the price action forming a cluster but the increase might continue after a short pullback as we are most likely seeing the development of another five-wave move to the upside.
If this is true, then the price would fall at max to the minor horizontal level at $288.39 before another upturn above the 0 Fibonacci level, but we could have seen a corrective three-wave move to the upside after the first correctional descending triangle structure ended.
Prior to the formation of the descending triangle labeled with an orange area, we have seen the development of the five-wave impulse to the upside on the Minute degree. This could mean that the triangle seen was only another correction from the higher degree impulse wave in which case it would be its 4th wave. In that case, the bullish momentum seen from 10th is the last, 5th wave to the upside and after its completion, a higher degree downturn could be expected.
All of Today's Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
Conclusion
It looks like the cryptocurrency market has reached another significant resistance point on the way up from the increase which continued over the weekend. As the prices are showing signs of overextension shorty a higher degree downturn would be expected to start. But before we see a starting downturn the prices are likely to continue increasing slightly further as they would need to develop their ending waves.
Source: Coin360.com – Click to see the full size image.
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