Last Updated on June 10, 2021
The price of Bitcoin has been on a decline since yesterday and from its high at $36,742 made a decrease of 11.67% measured to its lowest point today at $32,455. Currently, it is sitting at $32,850 as a minor recovery was made but the picture still looks breaking with more downside expected.
Looking at the hourly chart, you can see that the price has made a continuation of the descending move from the 3rd of June. A breakout was made from the ascending support on the 5th after which a test of prior support for resistance. As resistance was present the price continued moving further to the downside and breaking out from the horizontal levels. This is most likely the development of the 3rd wave out of the higher degree five-wave impulse that started on the 3rd of June.
If this is true then the price of Bitcoin is now headed to the vicinity of the $30,000 area where the next support level is. Recovery of the 4th wave could be seen but the projection takes back Bitcoin even further to the downside at around $27,500 area for the completion of the impulsive move.
The price of Ripple has made a decrease of 14.5% from its yesterday’s high of $0.971 to $0.841 at its lowest point today. It made it back to the $0.882 at its highest point today at the minor recovery but is now again making a descending move.
The same applies to the price of Ripple. We have seen most likely the developing 3rd wave from the impulse that started on the 3rd of June and made a breakout below the ascending support level. After yesterday’s retest for resistance, the price continued moving impulsively to the downside. Now the price would be expected to continue further after this current recovery which looks corrective in nature.
The price still hasn’t reached May 30th low at around $0.8 where the next support level could be. But after that and potentially a more significant recovery of the 4th wave another move to the downside would be expected potentially to the vicinity of the May 23rd low at around $0.66.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.
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