Bitcoin, Ethereum, and Litecoin Price Analysis: Weekend Recovery Has Top Crypto’s Seeing Green
Bitcoin (BTC) Forecast
1 BTC/USD =$38,046.4213 change ~ -1.72%
Over the weekend the price of Bitcoin has been recovering and came up from $10837 at its lowest point on Friday to $12000 at its highest point today which is an increase of 10.78%. The price is currently being traded slightly below the levels of today's high and is in an upward trajectory with the last couple of hourly candles indicating bullishness.
On the hourly chart, you can see that the price came up to the upper ascending trendline which is was the support level made from the 10th of June and was considered the be the support trendline from the previous increase. As the price came down below it last week on Monday it was broken again to the upside on the way up but the upward momentum has been stopped out at the minor horizontal level at around $12000 forming a lower high.
The price is back around those levels again and is currently retesting the area for resistance. Considering that the minor horizontal level is intersecting the ascending one at the current point the area serves as significant resistance. This increase as a retest of the upper ascending trendline was expected and was pointed out in my last Bitcoin price analysis as the 2nd wave from the starting downward impulse so if we see an immediate rejection this projection will still be in play. But if the price exceeds the current resistance area and managed to close above on the hourly candles another rise to the yearly high at $13740 could be seen.
Even though the projection is going in accordance I think that we are more likely to see further increase than an immediate rejection but the increase would still be considered to be corrective in nature and most likely the 2nd wave out of the higher degree three-wave move out of which the first wave would be the lower degree three-wave move from the yearly high till July 2nd's low.
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Ethereum (ETH) Forecast
1 ETH/USD =$2,281.0654 change ~ -3.01%
From Friday’s low at $282.75 the price of Ethereum has increased by 9.95% measured to its highest point today which was at $310.89.
On the hourly chart, you can see that the price of Ethereum came up to the significant Fib level at $308 and is currently retesting it for resistance. This retest is most likely the second wave out of the higher degree three-wave correction with another one to the downside expected after.
If we see a rejection at the present levels I would be expecting another downfall to around the intersection of the lower ascending trendline and the 0.236 Fibonacci level which is at $260.
As we’ve seen the completion of the five-wave impulse to the upside on the 26th of June the structure which followed is considered to be corrective which is why I am expecting a three-wave move to the downside.
This three-wave ABC correction might have ended on the 2nd of July last week when the price came down to $276.2 but considering the price action which followed I don’t believe that’s likely.
More likely we’ve seen the B wave developing in a more complex manner and is serving as a retest of the broken support around the currently interacted Fibonacci level. This is why I think that we are going to see another downfall with an impulsive manner, but if we see a breakout to the upside the possibility would diminish.
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Litecoin (LTC) Forecast
1 LTC/USD =$132.4408 change ~ -4.54%
The price of Litecoin has decreased last Friday by around 4.53% as it came down from $123.453 to $118 area and has been stuck inside this horizontal range over the weekend currently being traded at $120.68.
Looking at the hourly chart, you can see that the price came down below the significant horizontal level at $122.32 on a strong red candle indicating sellers presence and hasn't come up above the significant level since. As the price has been stuck in a horizontal range we have seen multiple retests of its outline levels with the price retesting again its upper level today founding resistance again, indicated by the last few hourly candles.
This horizontal range could be the 2nd wave out of the starting five-wave move to the downside out of which the first one would be the decrease seen from Friday's open. This five-wave move to the downside is expected because prior to its formation we've seen a three-wave move to the upside after another impulsive move which could be another three-wave decrease of a higher degree and would be considered as the Z wave from the complex correctional count.
As we've seen the completion of the bullish increase on the 12th of June when the price of
Litecoin reached $143 the structure that followed and pushed the price of Litecoin to $113 is most likely some kind of a complex correction which is being prolonged by two more waves as the bullish spike seen after has developed in a three-wave manner.
If we see a breakout to the downside from the current horizontal range the projected scenario in which the price of Litecoin would be expected to go below the lower horizontal level at $109 would look highly likely but if we see a recovery to the upside with the price managing to hold above $122.35 it could mean that we have seen the completion of the complex correction.
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The cryptocurrency market has experienced a recovery over the weekend with the prices of the top cryptos coming to retest their resistance levels. If we see an immediate rejection and another downturn it would mean that the corrective downfall is to continue further developing with new lower lows ahead.
But if the price increase continues above the currently retested resistance levels another increase might occur, but would still be viewed as corrective unless it exceeds their prior high.