Bitcoin, EOS, and Litecoin Forecast: Crypto Market Experiencing Recovery After Latest Drop
BTC/USD Market Analysis
1 BTC/USD =$56,909.7077 change ~ 4.31%
From yesterday’s low at $9563 the price of Bitcoin has increased by 6.3% today measured to its highest point at $10165 around which it is currently being traded. After reaching today’s high a minor retracement started with the price being in a downward trajectory.
On the hourly chart, you can see that the price is above the prior low level at the 0 Fibonacci line and is most likely headed towards it for a retest of support as the price managed to fall below it on the previous downfall.
This price action movement is most likely the 3rd wave out of the starting impulse and is likely to continue developing after the current retracement ends. We are seeing the development of the recovery movement to the upside as the WXY correction ended which could be its continuation.
Another possibility would be that we have seen the start of the developing impulse wave in which case the five-wave structure would lead the price of Bitcoin to new yearly highs. However, I don’t believe that likely.
More likely we have seen the completion of the 5th wave of the higher degree count with this corrective structure being only the first wave out of the same degree count. If this is true then the recovery seen from last Wednesday could be its second wave which isn’t exceeding the yearly high but is going to end slightly lower, potentially between the 0.618 and the 0.786 Fib lines.
The increase might end on the third wave in which case the WXY corrective would be prolonged and we could expect to see a lower low below $9168 before a significant recovery again.
In either way, from here I would be expecting an increase from whose momentum, strength and wave structure we are to reevaluate this possibility. The price target for the expected increase would be at around $12250 so after its completion if we see a pullback holding the price on a higher low the uptrend continuation would look likely.
But if the price moves below 0.236 Fib level a lower low below $9168 would look more likely.
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LTC/USD Market Analysis
1 LTC/USD =$347.4198 change ~ 11.51%
From last weeks high at $105.3 the price of Litecoin has decreased by 16.21% measured to the lowest point the price has yesterday which is at $87.994. Since yesterday's low, we've seen an increase of 10.31% as the price came up to $97.127 at its highest point today around which it is currently being traded.
On the hourly chart, you can see that the price came down to the significant horizontal support level yesterday but there hasn't been an interaction even though the price quickly spiked to the downside around the open before another upturn occurred. This indicates buyers presence at those levels confirming that the area serves as a support.
The 16.21% decrease is presumed to be the 2nd wave out of the starting upward move and considering that the price started increasing again after it spiked to the significant support level it likely ended. This means that the increase seen from yesterday is its 3rd wave which is set to exceed the prior high at around $105 and potentially go back inside the resistance zone above $109.356 but I wouldn't expect it to go above $122 in one go.
As the price started increasing again after a complex WXYXZ correction ended we could be seeing the start of the five-wave move to the upside as the correction has been ended but there is another possibility that we could be seeing a three-wave correction to the upside. This would be validated from the momentum of the expected increase and its wave structure.
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EOS/USD Market Analysis
1 EOS/USD =$8.3600 change ~ 25.08%
From last week's low at $3.574 the price of EOS has increased by 30.79% as it came up to $4.674 at its highest point today around which it is currently being traded. On the hourly chart, you can see that the price of EOS came up to the broken horizontal support level and is currently retesting it for resistance. The horizontal level is intersecting the ascending one and a breakout occurred exactly on the intersection validating the importance of the level.
We are currently seeing an ascending structure which is applying pressure from the downside attempting to breakout and I believe that a breakout to the upside would occur.
We could see a minor pullback to the $4.16 level before a breakout as the price looks for strong support before it can continue moving past the strong resistance point. As the Y wave ended from the previous correction we are most likely seeing the start of the recovery from last Wednesday and with the price action completion only its two waves the current third one which already exceeded the prior high would be expected to continue further as the 3rd wave develops fully.
The price could go to the significant support zone at $5.8-5.5 before the completion of the 3rd wave and end as a retest of the broken support range.
If the price continues increasing above the significant resistance point and fall back to retest it on the retracement after and finds support there the possibility of a further increase would look likely, but if the price goes above and then fails to finds support on the retest, further lows could be expected for the price of EOS in the upcoming period.
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The cryptocurrency market has been experiencing a recovery in the last 24 hours which is likely to continue as the wave structure implies that we have seen only the development of the the first two waves, which means that now we are seeing the 3rd one developing.
The recovery might end as a three-wave correction in which case further lows could be expected, but if the price comes up in a five-wave manner and finds support on the higher low on the following retracement the uptrend continuation would look more likely.