BTC and XRP – More upside expected

BTC and XRP – More upside expected

Contents

BTC/USD

From yesterday’s open when the price of Bitcoin was sitting at $9402, we have seen an increase of 10.44% measured to the highest point the price has been today which is at $10383. Since then we have seen a minor retracement with the price currently being traded at $10137.As you can see by looking at the hourly chart, the previous count has been invalidated as the price spiked above the May’s high previously presumed to be the ending point of the X wave of a higher degree. After it’s completion we have seen an impulsive move which was labeled as the 1st wave out of the starting impulse to the downside but now as the price got above the presumed starting point of the 1st wave we have seen an invalidation.

An ascending channel has started forming unline the previous triangle which was also invalidated but the ascending channel is still unconfirmed even though we might have seen a retest of the lower resistance level.

A retest of its upper resistance level could be expected as we are most likely seeing the development of another five-wave impulse to the upside which if corrective in nature should be the end of this increase and would be expected to reach $10500-10700 area.

If the price continues moving for another upward move then this would be the start of the 5th wave of a higher degree count.

XRP/USD

The price of Ripple has increased by 7.1% from yesterday’s low $0.2 measured to today’s high at $0.2154. It’s still being traded unlike in the case of Bitcoin.

On the hourly chart, you can see that the prior count has been invalidated with the prior descending five-wave impulse ending at the significant horizontal $0.18939 after which it appears that a corrective three-wave increase has started.

This is why I would be expecting a further increase to around the vicinity of the ending point of the 2nd wave from the previous descending impulse bringing the price target $0.222. According to this new count, it would be the completion of the C wave from the upward ABC after which further downtrend continuation would be anticipated.

If however the price exceeds this level and makes a minor retracement before continuing to move further to the upside it could indicate that we are seeing the development of a new uptrend altogether with the current ascending move being the 3rd wave out of the five-wave impulse instead of the now presumed C wave.

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

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.

with No Comments 458

Share: