Cryptocurrency Market Update: Today’s BTC, BCH, ETH, and XRP Price Predictions
Bitcoin (BTC) Forecast
1 BTC/USD =$38,813.5261 change ~ -2.39%
From yesterday’s high at $10160 the price of Bitcoin came down by 4.89% as it came down to $9663 at its highest point.
On the hourly chart, you can see that the price of Bitcoin fell below the 0 Fib line which was the significant support level which already got broken on the previous downfall but could indicate that the recovery to the upside has started as the previous low was a higher one.
Today the price made another higher low but this needs to be validated by the price increase which should immediately start. Currently, we are seeing a retest of the Fib level for resistance and if the price manages to move above it and exceed yesterday’s high the projected scenario would get validated.
But if the price gets rejected at present levels and continues decreasing below the previous low a higher degree lower low would be expected which would mean that the price of Bitcoin is likely headed below $9168.
As the WXY correction from 26th of June ended we could be seeing the recovery wave which could be a three-wave upward correction or the start of the next impulsive move to the upside. Price action is still showing signs of struggle with no clear indication that the bulls are there except the increase seen from last Wednesday till Sunday.
This increase is the 1st wave out of the presumed five-wave recovery and with the 2nd one likely ending on Wednesday’s low we could now be seeing the start of the 3rd wave to the upside which is set to go above the 1st wave’s ending point which is at $10991.
All of Today's Bitcoin Price Analysis, Chart Forecasts and Industry News
Ethereum (ETH) Forecast
1 ETH/USD =$2,340.1459 change ~ 1.96%
From yesterday’s high at $224.54 the price of Ethereum has decreased by 4.82% as it fell to $213.71 at its lowest point today.
On the hourly chart, you can see that the price found support on the 0.5 Fibonacci level on Wednesday when the price fell from the interaction with the significant resistance point at the intersection between the interrupted ascending trendline and the 0.382 Fib line.
As this interaction ended as a rejection a downfall of 13.47% was seen but the price attempted to move back up after it found support on the 0.5 Fib level but has made a lower high and failed to come back up to the same levels before another retracement occurred.
This price action movement could be the start of the 3rd wave to the upside if we are seeing the recovery attempt from the 17th of July when the price fell to $195.8 at its lowest point. As the three-wave move to the downside of a higher degree from 26th of June ended this upward move we’ve seen after could be the start of another upward impulse wave in which case we are to see a five-wave move.
But if the downfall from the 26th of June is to develop in a five-wave manner this upward movement could be its 4th wave so if this upside movement ends as a three-wave increase another downfall below $195.8 could occur as the 5th wave should develop.
Another possibility would be that the correction ended in which case we are seeing the start of the next five-wave move to the upside as an uptrend continuation which is set to make new yearly highs, but I don’t believe that’s likely.
More likely we have seen the completion of the bullish period from 15th of December last year in which case the downfall from 26th of June was the first wave out of the higher degree downtrend.
All of Today's Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
Ripple (XRP) Forecast
1 XRP/USD =$0.2464 change ~ 2.46%
From yesterday’s high at $0.32145 the price of Ripple has decreased by 3.92% at its lowest point today but is currently being traded at $0.3156 as the price is again in an upward trajectory.
On the hourly chart, you can see that the price of Ripple has been decresing since 26th of June and measured to the lowest point of the decrease reaching the significant horizontal level at $0.29405 we have seen a decrease of around 40%.
After an interaction with the significant horizontal level we’ve seen a recovery to $0.34 which could have been the 1st wave out of the starting five-wave move to the upside as the correction ended.
If this is true, then the price of Ripple is most likely headed towards the 0.786 Fib level at $0.4177 as a retest of the resistance.
This upward move could be another corrective recovery after the downtrend continues in which case we are more likely to see a three-wave increase instead of the projected five-wave one and with the price action likely starting its 3rd wave we are shortly going to have a confirmation.
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Bitcoin Cash (BCH) Forecast
1 BCH/USD =$524.7800 change ~ 4.48%
From 20th of July when the price of Bitcoin Cash was $341.2, we’ve seen a decrease of 17.21 until Wednesday’s low at $283.4 but the price started moving to the upside again and is currently being traded at $321.3 which is the highest point the price has been today.
Looking at the hourly chart, you can see that the price of Bitcoin Cash is in an upward trajectory from the 17th of July when the recovery after a massive decrease started.
Like in the case of other major cryptos, this could be the start of the five-wave impulse to the upside as the three-wave correction ended with the wave structure now started developing its 3rd wave to the upside, but we’ve seen the completion of the higher degree 5th wave on the 26th of June the downfall seen wouldn’t be corrective and is instead the start of the downtrend of the same higher degree.
If this is true, then we could be seeing the development of the five-wave decrease to the downside in which case the recovery seen from 17th could be the 4th wave. This would be validated by the momentum behind the increase and if the price goes to the 1st wave’s ending point and doens’t exceed it we could be seeing the 5th wave to the downside ending with a lower low, below $262.
All of Today's Bitcoin Cash (BCH) Price Analysis, Chart Forecasts and Industry News
Recovery continues but there aren’t still many signs of strong bullish presence which leads me to believe that the recovery seen is only corrective and that we are to see further downside movement for the prices of the major cryptos in the following period.