BTC and XRP – Bullish price action seen but it looks corrective

BTC and XRP – Bullish price action seen but it looks corrective

Contents

BTC/USD

From yesterday’s low at $9292.9 the price of Bitcoin has increased by 5.48% coming to $9802 at its highest spike today but since then made a minor retracement and is currently being traded at $9614.

On the hourly chart, you can see that the price came up to retest the intersection of the significant horizontal resistance zone and the interrupted ascending trendline like previously expected before the completion of this ascending corrective move, but by looking at the wave structure it appears that the increase is likely to continue for another push to the upside which would be its 5th wave.

The price found resistance on the interaction and is now again trading below the support level of the ascending channel but further retest could be expected and potentially another enters in its territory as the upper horizontal level at $10075 could get retested before the completion of this ascending move. According to my count, this is a corrective ABC to the upside after an impulsive five-wave move to the downside so after its completion I would be expecting further downtrend continuation with a lower low ahead compared to the one made on 15th of June.

From the first half of Jun, we have most likely seen a B wave developing out of the higher degree ABC to the downside which is why it could, in theory, come all the way and even above the vicinity of the A wave’s starting point at around $10400 before continuing to move below $8910.

XRP/USD

The price of Ripple has been moving sideways unlike the price of Bitcoin as it came down from $0.1989 by 7% to $0.185 and is now around the half range of that currently at $0.189.

Looking at the hourly chart, you can see that’s it retesting the horizontal level broken on the way down that served as support now for resistance. If the resistance proves to be valid, we can see a hard rejection leading to the expected decrease but if the price gets above it, we could see further corrective increase development as the X wave hasn’t ended.

This is soon to be validated as interaction is being made, but if from the start of Jun, we have seen an ABC to the downside then from the 12th we have seen the second sub-wave of the higher degree which is currently labeled as the wave X. But if this X wave is the 4th wave out of the impulse one, we are to see a lower low most likely around the vicinity of the 1.618 Fibonacci level before the corrective increase starts.

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Nikola Lazić

Expertise: Cryptocurrencies, Technical analysis, Elliot waves, Fibonacci Nikola has a bachelor degree in Sociology, which gives him the edge in the financial market, knowing a lot about herd mentality. That is why he uses Elliot wave principles mostly, in combination with Fibonacci levels. He started learning more about financial markets back in 2015 and is now a full-time trader. As an anarcho-capitalist, he fully supports the vision of decentralized future offered by cryptocurrencies, that's why his attention and interest are mostly focused on them. His analysis has been praised by some of the most influential people from the cryptocurrency scene, like Jeff Berwick, the founder of The Dollar Vigilante Newsletter, Vit Jedlicka, the president of Liberland, and other trader colleagues.

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