Last Updated on September 1, 2020
From last Thursday when the price of Bitcoin fell down to around $11200 level which was the lowest price has been since the 12th of August, we have seen an increase of 6.83% as the price came up to $11967 at its highest point today at which its currently being traded. The price is in an upward trajectory and is showing strong bullish momentum.
On the hourly chart, you can see that the price broke out from the major horizontal resistance points and isn’t showing any signs of struggle with the last rise from today’s low at $11551 being parabolic. With the price making a higher high compared to the previous B wave of the lower degree ABC correction to the downside we are most likely seeing the beginning of the higher degree upside move after the WXY correction ended last week.
Another possibility could be that this upward move is another corrective second wave X from the prolonged correction count WXYXZ but considering the bullish momentum seen this isn’t as likely. This will shortly be validated by the interaction with the $12000 area with whom the interaction is very close.
If we see a breakout above it, even though a fakeout was seen on the 17th of August it would be a clear indication that another upward move has started that is to lead the price of Bitcoin into the $13500 zone.
The price of Ripple has increased by 15.7% from last week’s low at $0.25491 as it came up to $0.29485 at its highest point slightly below which its currently being traded. Unlike in the case of Bitcoin we have seen the price making a minor pullback after reaching its first significant horizontal resistance level.
Looking at the hourly chart, you can see that after the price made an interaction with the horizontal level at $0.29405 it found resistance there and has started to decrease but not by a significant amount as the bullish momentum is holding the sellers in check. The price is resting on the minor horizontal support which is an early indication that the increase is likely to continue for a breakout to the upside above the significant level.
If we have seen the completion of the ABC correction last Thursday then the currently seen upside move is the 3rd wave of the five-wave move to the upside which is the 1st sub-wave of the higher degree count and is likely to end as a retest of the $0.33 area where the last upside move ended and found resistance there.
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