Bitcoin, EOS, and Litecoin Analysis: Crypto Prices Headed For A Downtrend Or Will Bulls Prevail
1 BTC/USD =$47,128.3540 change ~ -5.92%
From yesterday's high at $13070 the price of Bitcoin decreased by13.5% today as it came down to around $11300 area around which the price is currently being traded.
Looking at the hourly chart for Bitcoin, you can see that the price spiked down below the 0.382 Fib level but managed to close the hourly candle above it as the level serves as a support. The price fell below the 0.5 Fib level below which it is considered to be the start of the territory of the second wave out of the increase seen from 2nd of July which is labeled with a pink triangle. As this occurred we can say that the increase ended in a three-wave manner which validates the assumption of the corrective nature of the seen increase.
The price came down in an impulsive manner like expected an on to the projected level which means that we are seeing the A wave from the next corrective structure developing. A minor correction would now be expected to around the 0.618 Fib level as the B wave should develop but then another impulsive downfall to the vicinity of the prior low at around $9825. This would be the third correction as a sub-wave from the higher degree three-wave WXY and is likely to end as a retest of the prior low.
Another possibility would be that the corrective structure gets prolonged by two more waves – X and Z in which case even further lows would be expected. This would mean that another increase after could occur but if we've seen the completion of the 5th wave on the Minor count on the 26th of June we could be seeing the start of a downtrend which would be an even higher degree correction.
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1 LTC/USD =$174.6031 change ~ -2.53%
The price of Litecoin has decreased by 17% from yesterday's high at $120 measured to today's low at $99.65. The price spiked further down to $94.4 but the hourly candle closed above the minor horizontal level.
On the hourly chart, you can see that the price of Litecoin is struggling to establish support as a breakout to the downside occurred from some of the significant horizontal support levels out of which the most significant one is at around $109.35. The price retested the horizontal level from the lower side after it was pushed below it, founding resistance again and causing another downfall to the next minor horizontal level which is currently being tested for support.
The price of Litecoin moved in an impulsive five-wave manner like expected as a breakout from the cup and handle formation started yesterday. This decrease is a continuation of the downfall seen from 29th of June till the 2nd of July after which an ascending ABC correction developed in conjunction with the cup and handle. As the cup and handle is a continuation pattern and the price started moving to the downside we have likely seen the third wave out of the presumed Z wave from the complex correction count which started after the completion of the five-wave impulse on the 12th of June when the price of Litecoin reached $144.
This would be the ending wave of the mentioned complex correction which is why after another sell-off we could see the uptrend continuing but if we've seen the end of the five-wave impulse of the higher degree on the 12th of June this could only be the first wave out of the higher degree correction.
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1 EOS/USD =$3.6366 change ~ -5.44%
From yesterday's high at $5.9224 the price of EOS has decreased by 23.38% as it fell down to $4.53 and even spiked further down to $4.32 at its lowest point. The price is currently being traded at $4.71 as it found support at the significant horizontal support level and is attempting to make a recovery.
On the hourly chart, you can see that the price of EOS fell to the projected level in a five-wave manner but hasn't made an expected recovery. The price struggled to move back up above the 0 Fib level and finally as the seller's pressure has served as resistance there and the buyers look like they gave up with another sell-off started a breakout below $5.8 level.
This move to the downside could have been the completion of the Y wave from the correctional count which started on the 1st of June but it could only be its first wave with the price eventually after a minor recovery, continuing to move to the downside again below the currently found support at the significant support area. If this is to occur we could see a retest of some of the broken support levels out of which the most optimal one would be at $5.58 but the recovery might lead to another sell-off if the correction gets prolonged.
The price entered the territory of the 2nd wave (x) from 28th till 30th of June which is why this decrease is considered corrective and not impulsive. As this is the primary count we could see another run-up after its completion but if the price of EOS ended its 5th wave of the Minor count at the yearly high on the 1st of June we could be seeing the first correctional structure as the first sub-wave of the higher degree downward move in which case the price of EOS is set to go significantly lower.
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Another sell-off has started as the prices reached their significant resistance point yesterday. This decrease was expected as a continuation from the corrective structure which started after the prices have reached their yearly highs.
We could be seeing the start of a downtrend which is set to push the prices significantly lower but as the correction looks near completion we could also see the bullish period continuing for a bit longer before the downtrend starts.