Bitcoin, Ethereum, Litecoin, XRP Price Analysis: Will Major Cryptocurrencies Stay Green Today?
1 BTC/USD =$43,789.2174 change ~ -7.31%
From yesterday's open at $10914 the price of Bitcoin increased by 16.45% today as it came up to $12713 at its highest point. The price has spiked even higher coming to $12939 but the hourly candle left a large wick to the upside as it pulled back to $12431 immediately after which indicates that the seller's territory has been encountered.
The BTC price continued increasing past the 0.382 Fibonacci level and has been in a parabolic upward trajectory, headed to the next one at around $13207. This upswing has started on the 10th of June and is a five-wave impulse with the price action currently developing its 5th wave. Prior to the start of the impulse wave to the upside, we have seen correctional downside five wave move which was a WXYXZ and was considered to be a potential first wave of the expected downturn, especially prior to its formation we've seen what looked like an ending diagonal.
As the price of Bitcoin continued increasing and another five-wave move to the upside developed it means that the 5the wave of the higher degree hasn't ended, implying that the WXYXZ correction was either the 3rd wave of a lower degree from the correction on the 4th wave of the Minute count. Another possibility would be that it was the 4th wave of the Minor count which is a higher degree one which could be viewed in a scenario in which from 15th of December we have seen an impulsive five-wave move to the upside.
The price is getting overextended as the parabolic rise continues and considering the amount of increase the price has experienced without a serious correction of 30-40% and that the wave structure implies we are seeing the ending wave we could be expecting a sharp downturn shorty. The largest pullback seen since the 6th of February was the one made from 30th of May till 10th of June and was around 16%, while measured from 6th of February till today's high the price increased by over 277%.
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1 ETH/USD =$1,359.8125 change ~ -9.33%
From yesterday’s low at $306.7 the price of Ethereum has increased by 9.53% as it came up to $335.93 at its highest point today.
Looking at the hourly chart, you can see that the price came above the ascending trendline which served as resistance. As the price is in an upward trajectory and managed to go above the ascending trendline further upside movement could be expected.
From the 10th of June, we are seeing the development of another five-wave impulse with the price currently developing its 5th wave. I was expecting a retest of the horizontal level above the 1st wave before the price would continue increasing for the development of the 5th inside the ascending range, but a breakout has been seen immediately after Monday’s low.
This is the ending wave which is why after its completion a move to the downside would be seen either as the start of the downtrend as the five-wave impulse from 10th of June would be the ending wave of a higher degree, or correction before further upside which I don’t believe its likely.
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1 LTC/USD =$159.8573 change ~ -8.92%
From today's open at $137.817 the price of Litecoin has decreased by 3.78% measured to its lowest point at $132.613 around which it is currently being traded. Yesterday we've seen an increase of 4.95% as the buyers attempted a make a recovery but the sellers have applied pressure around the vicinity of the prior high at $137 which proved to be stronger than the momentum caught and cause the price to start moving to the downside again.
As the bullish momentum hasn't been strong enough to push the price above the minor resistance level it indicated that the sellers might take control now causing the price to start another downfall below its current minor horizontal support level.
As we've seen a three-wave move after a descending triangle correction this move to the downside could be the third wave out of the higher degree three-wave correction after the previous five-wave impulse ended.
If this is true, after another downfall below $126.5 which is the descending triangles ending point and potentially to the horizontal level at $122.32, we are to see another increase as another impulsive move would start. However, we could have seen the ending wave out of the higher degree count with the price action experiencing a sideways consolidation after a downturn. In either way, from here I would be expecting further downside movement to the intersection of the ascending trendline and the significant horizontal level at $122.32.
If the area serves as a support and the price starts impulsively moving to the upside again another starting uptrend would be likely, but if we see a breakout inside the territory of the lower range below $122 further downside movement could be seen as it could indicate that starting downtrend.
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1 XRP/USD =$0.2464 change ~ 2.46%
From yesterday we have seen the sideways movement as the price of Ripple fell from yesterday’s open at $0.47637 to $0.459 after which it came back up to the same levels.
Currently, the price is being traded slightly lower and is sitting at $0.4681 struggling to keep up the upward momentum.
On the hourly chart, you can see that the price experienced an increase from 10th of June in a five-wave manner and came up to the 1.272 Fibonacci level which looks like it was its ending wave.
As after an interaction on a spike with the mentioned Fibonacci level we’ve seen a downfall to the previous one with an impulsive manner after which the choppy price action formed a sideways range, we can say that most likely the second wave out of the starting downmove.
If this is true, then the price is set to go below the 1 Fibonacci level and potentially to next one at around $0.4177.
The price is currently around the vicinity of the previous impulse wave ending point and is retesting the level for support, so it should be viewed as a pivot point below which the bearish scenario is likely and above which the potential of another increase stands.
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The prices of the major cryptos are getting overextended with the price of Bitcoin leading the rise while others have experienced signs of struggle. This rise is likely the final one after a higher degree downturn starts.