Bitcoin, EOS, and Litecoin Price Analysis: Will The Crypto Market Recovery Last Much Longer?


BTC/USD

1 BTC/USD =$50,024.5579 change ~ 0.80%

Coin Market Cap

$935.97 Billion

24 Hour Volume

$25.28 Billion

24 Hour VWAP

$49.2 K

24 Hour Change

$400.66

The price of Bitcoin has been increasing from Monday’s low at $9382 and came up by 7.37% today, measured to its highest point at $10074 but is now starting to decrease again and is currently being traded slightly below $10000.

On the hourly chart, you can see that the price has fallen in a three-wave manner since the yearly high which is why a recovery started. This recovery could be the start of another impulse wave to the upside as the correction ended, but we haven’t seen any signs of impulsiveness except the interaction with the 0 Fib level on the first wave.

This brings me to believe that the recovery seen in corrective in a higher degree downward move and is why I wouldn’t be expecting it to continue moving up for much longer before another downturn.

Another retest of the 0 Fib level might come before another downside move starts but if the price manages to break out above the level and continues moving impulsively to the upside it could be an early indication that the uptrend continuation started on 17th of July.

More likely we are to see this upward movement ending as a three-wave structure which would imply corrective movement with another downfall soon to start and is going to be the 2nd wave out of the higher degree correction to the downside.

As we’ve seen the completion of the 5th wave of the Minor count the decrease seen could be the start of the same degree downside move which is going to push the price of Bitcoin significantly lower for a retest of the some of the major resistance point broken on the way up.

The most significant area I see fit for a retest would be at the intersection of the ascending interrupted zone with the horizontal support zone around $6300.

LTC/USD

1 LTC/USD =$327.1419 change ~ 3.96%

Coin Market Cap

$21.84 Billion

24 Hour Volume

$3.5 Billion

24 Hour VWAP

$309

24 Hour Change

$12.94

From Monday's low at $88.63, the price of Litecoin has increased by 12.64% measured to its highest point today at $99.837.On the hourly chart below, you can see that the price of Litecoin found resistance at the minor horizontal level and has got rejected which is why the price has started decreasing and is currently being traded at $96.6.

The price of Litecoin has fallen to the significant horizontal support level at $86.48 where it found support after a 16.9% decline after the first interaction with the same horizontal resistance level with whom it has interacted today as well. This interaction was the first wave out of the expected recovery after a complex correction ended which is why the next one was a retest of the support level and now that the price has started moving to the upside again, we are likely seeing the development of the 3rd wave.

This 3rd wave is likely to end as a retest of the broken horizontal support level at $109.356 which is the lower level from the resistance zone of a higher degree and is expected to end as another rejection. As we've seen the end of the complex correction which is a three-wave one on a higher degree this current upside structure is considered to be the 2nd wave out of an even higher degree move to the downside and is why I would be expecting further downside for the price of Litecoin in the upcoming period.

In either way, the price of Litecoin is expected to go above today's high so depending on the momentum and strength of the expected upward move we are to reevaluate the possibility of another increase as we could be seeing the start of another five-wave move after the complex correction ended.

EOS/USD

1 EOS/USD =$11.2541 change ~ 6.18%

Coin Market Cap

$10.73 Billion

24 Hour Volume

$3.82 Billion

24 Hour VWAP

$10

24 Hour Change

$0.70

The price of EOS has been moving sideways since Friday 19th of July when it managed to go back up above $4.167 horizontal support level around which the price is currently being traded.

On the hourly chart, you can see that the price of EOS has been in a downward trajectory since its yearly high to the interrupted ascending trendline where it found support at around $3.6. This was most likely a three-wave WXY correction which is why the price recovery has started after but as we haven't seen impulsiveness in the upward trajectory but instead signs of a struggle between the ascending levels it is more likely another corrective increase in play before the downward trajectory continues.

This corrective increase could bring the price of EOS to $5.58 which would be a retest of the broken horizontal support level before another downturn starts and is likely to end as a three-wave structure. With the price moving sideways I think we've seen the completion of the 2nd wave which is why soon another increase would be expected considering weak momentum seen I don't believe that the increase would be that significant.

More likely we are to see the interaction with the $5.56 level ending as rejection after which the price is to continue moving to the downside to some of the significant horizontal support levels out of which the most relevant one would be at the 0 Fib line at $1.6 but the decrease could stop slightly above as there are multiple support points in between. If this plays out like projected it would most likely mean that we have seen the WXY correction prolonged by two more waves X and Z and after its completion, I would be expecting a significant recovery.

Conclusion

The cryptocurrency market has been experiencing a recovery but this might not last for much longer as the increase looks corrective in nature. This means that shortly after an interaction with the broken support levels on the way down ending as rejection I would be expecting further decrease for the prices of the major cryptocurrencies.

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