Bitcoin, EOS, and Litecoin Price Prediction: Crypto Market Seeing A Correctional Recovery
1 BTC/USD =$23,563.9000 change ~ -1.39%
From yesterday’s open at $10732 we have seen an increase of 11.71% as the price increase to $11989 at its highest point today.
The price is currently being traded slightly lower as we’ve seen the interaction with the minor horizontal level in the vicinity of the prior high. As the five-wave impulse ended around the 0.5 Fib level I was expecting an immediate start of a downtrend as we’ve seen on 28th of June.
As the price broke out from the descending resistance level and above the 0.5 Fib level it started forming an ascending channel of a lower degree which could be the second wave out of the three-wave ABC to the upside. Since a breakout occurred I would be expecting a further recovery to the 0.618 Fib level or a retest of the prior high on the 5th wave.
Previous to the upward impulse we’ve seen a three-wave move to the downside which is most likely the first correctional sub-wave of a lower degree from the WXY of the higher. If this is true, then the three-wave increase which is expected to occur would be the X wave after which the Y wave should develop to the downside.
This means that the retest of the 5th wave’s ending point would in this scenario end as rejection with another lower low coming for the price of Bitcoin to the vicinity of the first significant support area at around $8500.
The price is likely to continue increasing from here but if we are seeing the corrective structure developing it isn’t supposed to go above the ending point of the 5th wave. In theory, it could but if that occurs more likely we are seeing the uptrend continuation.
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1 LTC/USD =$99.2017 change ~ -1.92%
From Tuesday's low at $114.26, the price of Litecoin has increased by 9.16% measured to its highest point today which was at $124.75. The price spiked even higher, reaching $126.98 at its peak but the hourly candle closed below $125 area.
Looking at the hourly chart, you can see that the price of Litecoin fell to the minor horizontal support level on Tuesday where it found support, as the price spiked further below it but the hourly candle managed to close above. This was the ending point of the five-wave impulse to the downside according to my count which makes the increase seen from Tuesday most likely corrective in nature. The price is currently being traded at $122.3 and is retesting the significant horizontal level which is considered to be a median line from the resistance zone between $137 and $109.
If the price finds support here we could expect further upside movement potentially to $130 area where a retest of the broken ascending trendline could occur. But if the price starts moving below the significant horizontal level we could see the start of another impulsive decrease which is set to push the price below the next horizontal support level at around $109.
On the 12th of June, we've seen the completion of the five-wave impulse which could be the ending wave of the higher degree. If this is true then the structure which followed with the first descending triangle an ABC (orange) to the upside and the ABC to the downside (green) could have been the first wave out of the higher degree three-wave correction. In that case, the ABC to the upside (second orange), seen from last Friday would be its second wave which retested the significant horizontal level at $137 for resistance.
As the price got rejected by the resistance found an impulsive five-wave move to the downside has been seen which could have been the first wave out of the third one of a higher degree. This is why I would be expecting another impulsive move to the downside after the completion of the current recovery.
The price would, in that case, fall inside the lower range below the resistance zone at $109. 35.
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1 EOS/USD =$1.0921 change ~ 0.08%
The price of EOS has recovered slightly from Tuesday's low at $5.5879 as it came up to just slightly above $6 which is an increase of 8.43%. The price previously decreased by 26.29% coming from $7.57 on the 23rd of June to Tuesday's low.
On the hourly chart, you can see that this mentioned decrease of over 26% was a five-wave impulse which ended on the lower horizontal support level twice as the 5th wave ended as a truncation. This impulse wave to the downside developed after the price came up to the 0.618 Fibonacci level off of the previous decrease which was also done in an impulsive manner. Considering that we've seen the end the 5th wave from the Minor count this impulsive downside movement is most likely the higher degree correction developing which is why I would be expecting more downside for the price of EOS.
A recovery would first be expected to some of the broken support levels and the most optimal target would be between the 0.382 Fib level and the horizontal level at $6.81. After a correctional increase, I would be expecting another five-wave impulse to the downside which would be the third wave from the lower degree three-wave correction which would be the sub-wave of the Y wave.
If this occurs the price would most likely be headed toward the significant support zone at $4.58-4.16. There is an ascending trendline which isn't that significant but served as a pivot point until 17th of February since when the price hasn't made an interaction. The zone of the intersection might be proven of significance.
Another possibility would be that the WXY correction has ended with the five-wave impulse to $5.58 level in which case we might see the start of another increase has started to develop, but I think that more likely the five-wave impulse to the downside is only the first wave of the Y wave. In either way, from here I would be expecting short-term upside movement out of whos momentum we are to reevaluate the possibility.
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Recovery continues in the cryptocurrency market but the prices of the major cryptos are showing choppiness in their price action which is why I believe that we are still seeing a correctional recovery after an impulsive move.
As the recovery continues we might see a retest of the prior high which is likely to occur soon after which I would be expecting another downfall below the one made on the 2nd of July.