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Bitcoin, Ethereum, and Litecoin Analysis: Crypto Market Is A Sea of Red, Looking for A Bounce Back
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PocketBitcoin (BTC) Live Price Watch
Over the weekend the price of Bitcoin has recovered by around 14.75% as it came up from Friday's open at $10810 to $12405 at its highest point on Saturday. After reaching the 0.618 Fibonacci level the price started another downturn like projected and made another attempt on Sunday but the price action made a lower high and the sellers took control. From Sunday's high at $12179.5 the price decreased by 12.52% measured to the lowest spiked today which was at $10654.4 but the hourly candle closed above $10810 which was the Friday's opening price.
Currently, the price is being traded at around $11041 as it came up to the 0.236 Fib level and got rejected there. The price found support at the ascending channel made from 10th of June but a breakout to the downside would be expected as the third wave has shown impulsiveness.
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On the hourly chart, you can see that the price action is currently forming a cluster between the 0.236 Fibonacci level and the ascending support zone as the seller's are putting pressure but the buyers are still present at those levels. We are most likely seeing the development of the third wave after the five-wave impulse to the upside ended which is why I would expect to see a breakout to the downside below the ascending support zone. This third wave could be either the final one as the three-wave correction would develop or it could be a five-wave impulse of the lower degree which would be the first wave of the higher degree correctional structure.
I believe that the second is more likely considering that the price of Bitcoin experienced unsustainable growth with the wave structure implying that we have seen the completion of the higher degree 5th wave of the Minor count. With this 5th wave's completion, we could have seen the end of the Y wave of the Intermediate count in which case the price of Bitcoin is now headed for another bearish period with further lows ahead below $3200. This could be possible if from 15th of December we've seen correctional upside movement, but considering the bullish momentum and the mania following the market with the price of Bitcoin increasing by over 322% I don't believe that's likely at this point, especially as the price of Bitcoin came to the 0.618 Fibonacci level from its all-time high.
In either way I would be now expecting further downfall for the price of Bitcoin to some of the broken resistance levels on the way up, out of which the first one would be at around $8500, but if we are seeing the development of the higher degree correction this area would only serve as a temporary support, with the price headed to $6250 area after as its the second significant resistance zone, broken on the way up.
All of Today's Bitcoin Price Analysis, Chart Forecasts and Industry News
Ethereum (ETH) Live Price Watch
From Friday’s open at $290.73 the price of Ethereum has increased by 11.76 over the weekend, reaching $324.93 at its highest point on Sunday, but since the yesterday’s high we have seen a decrease of 10.41% with the price coming to $290.73 at its lowest point today which was the level from which the recovery has been made.
Click to see the full size image.
Looking at the hourly chart, you can see that the price of Ethereum almost came to the ascending trendline which is the resistance level from the ascending channel from 26th of April but interaction hasn’t been made before another downturn.
The price is back to the levels from which the weekend's recovery has been made which is why I don’t believe that the recovery would continue. As the minor support level is currently being retested we are likely to see another bounce to the upside but only for a lower high compared to the weekends one before a breakout to the downside.
I would be expecting the price of Ethereum to continue moving to the downside as we have likely seen the completion of the 5th wave of the higher degree on Thursday when the price came up to $356.
If this is true, then the price has started a downtrend which would be of the same higher degree which is why I would be expecting a test of some of the broken resistance levels on the way up for support.
The first and the most significant one would be at around 0.5 Fibonacci level on in price terms around $206.
All of Today's Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
Litecoin (LTC) Live Price Watch
Over the weekend the price of Litecoin has been increasing and has recovered by over 18% as it came up from Friday's low at $113.558 to its highest point on Sunday at $135. After reaching the vicinity of the significant horizontal resistance level the price has started falling down with an equally strong momentum but managed to maintain above the second one at $122 which is currently being retested for support.
Click to see the full size image.
On the hourly chart, you can see that the price fell below the second significant horizontal level on Friday after which I was expecting a continuation to the downside and interaction with the third one at $109.35 but the price started increasing impulsively to the upside instead. This means that the previous downfall ended on the third wave and is most likely the part of the same correctional structure from 12th of June.
If this is true, we could be seeing the start of another impulse wave to the upside but as the price decreased by over 10% from yesterday I don't believe that's likely. If we are seeing a five-wave increase, its ending point would most likely be around the vicinity of the prior high, slightly above $137 area. The price is currently retesting the $122 level for support which could be viewed as the pivot point so if the price finds support there the possibility of another increase above $137 would look likely, but if the price continues moving impulsively to the downside we could have seen the completion of the three-wave recovery before further downtrend continuation.
All of Today's Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News
Crypto Market Overlook:
Source: Coin360.com – Click to see the full size image.
Source: Coinlib.com – Click to see the full size image.
Source: Dapp.review – Click to see the full size image.
Conclusion
The cryptocurrency market has experienced a recovery over the weekend but this increase appears to be corrective as the prices are back around the levels from which the increase was made on Friday.
We are most likely seeing the third wave developing from yesterday’s high as the recovery was the second wave from the correctional structure of a higher degree. This is why in the upcoming period I would be expecting further downtrend continuation for the prices of the major cryptos.
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