The price of Bitcoin has been on the rise since the 25th of March when it fell to $50,420 level. From there a recovery of 17.38% was measured to its highest point so far at $59,236. Currently, it is being traded slightly lower but is still on an upward trajectory.
The low on the 25th was the end of the corrective stage in which the price was since the 13th of March and as the third wave ended we have seen the start of the next impulsive move to the upside.
As its first wave looks like it has already developed now we could be already seeing the start of 3rd sub-wave from the five-wave impulse. The price would be now expected to continue moving upward above its last all-time high and potential somewhere around $68,000-$72,000 zone.
It is still soon to project the ending point so we are going to watch closely how the price action develops and reevaluate our projection accordingly. There could be a possibility that we are seeing an even higher degree impulse wave, increasing the room for growth.
The price of Ripple made a sharp decline on the 25th and a new higher low as well, but unlike in the case of Bitcoin, it did so in an impulsive manner. This meant that we could have seen the breakout invalidation but as the price managed to bounce off of the triangle’s resistance level and the horizontal level at $0.47371 making a recovery back to the levels it fell from, now we could expected further upside movement. Currently, the price sitting at $0.5781 which is just below its prior high of $0.6.
On the hourly chart, we can see that a minor breakout was made from the descending level that was forming from the prior high which is a bullish sign. Now we are most likely seeing the development of the 3rd wave from the higher degree five-wave impulse that is set to push the price above its previous high and potentially all the way up past the $0.75 mark. This was the level of the starting point of the symmetrical triangle, made on the 1st of February so now as the breakout was made it could indicate the uptrend continuation on the higher degree count.
But first, we need to see some signs of validation which can come first as the surpassing of the previous local high and then the formation of the higher low on the next pullback, preferably with the price coming back to retest some of the broken resistance levels for support.
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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